XRP's price has shown significant growth this week, increasing by 12%. This movement is linked to the overall market recovery and expectations regarding Ripple's ETF approval.
Optimism Around Ripple ETF
Interest in Ripple's ETF, anticipated to launch on September 12, has significantly influenced market sentiments. Despite the delay in approval from the REX-Osprey ETF, many traders remain optimistic. Analysts suggest that the ETF launch may happen in the coming weeks, which is giving hope to market participants.
Reasons Behind ETF Approval Delay
Gigitalk CEO John Squire noted that the delay might be a strategic move by the SEC to allow more time for public comments and internal review. He added that similar delays were observed with Bitcoin and Ethereum in the past.
Analysts' Predictions for XRP Price
XRP hit $3.14, the highest level since mid-August. Analysts predict further growth, possibly reaching $4. Some experts, like Dark Defender, foretell XRP could reach $4.39, while others point to resistance at $3.3.
XRP's price surge and ETF approval hopes signal a restoration of confidence in the market. However, market participants should be aware of the cryptocurrency's volatility and possible ramifications of further SEC delays.
