XRP retracted to $3.05 after testing $3.10. However, SEC Commissioner Caroline Crenshaw's comments reignited bullish discussions.
SEC Comments and Their Implications
Commissioner Crenshaw emphasized that the delays in evaluating XRP ETF applications are procedural, not rejections. This clarification helped investors realize each application is still in play, as SEC staff requested additional data instead of outright denials.
Bloomberg analysts Eric Balchunas and James Seyffart assign a 75% chance of spot XRP ETF approval by October, citing similar regulatory pathways for Bitcoin and Ether that previously led to 100% price increases over six months.
Market Trend Analysis
On-chain metrics from Santiment indicate the number of whale addresses holding at least one million XRP rose by 10% since June, now totaling 2,765 and controlling 81% of the circulating supply. Daily active addresses jumped from 210,000 to 254,000 over the past week, suggesting renewed network activity.
These factors contribute to a stronger XRP price prediction model, where $5 feels overdue and $15 seems plausible in a full ETF-driven cycle.
XRP's Future Amidst ETF Speculation
XRP’s price chart shows a clear pattern: four failed attempts to break above $2.94 formed a tightening wedge supported by higher lows at $2.85. Traders are marking a decisive weekly close above $3 as the switch from accumulation to distribution.
If this level holds through the ProShares XRP Futures ETF launch on July 18, the price could swiftly move to $3.50, a barrier last seen in April, before climbing to $5 by year's end, indicating a 70% upside from current levels.
In the current landscape, XRP exhibits sustained interest from investors with improved future forecasts, particularly in light of the potential ETF approvals. These changes could lead to significant market fluctuations in the cryptocurrency space.
