The price of XRP token is showing impressive growth, registering an increase to $3.05. This rise is accompanied by several factors that may contribute to a further increase in value.
XRP Markets and Futures Demand
According to CoinGlass data, the demand for XRP in both spot and futures markets is on the rise. Open interest in futures has reached a record $8.3 billion, which is a significant increase from under $1 billion just a few months ago. A positive funding rate indicates traders' expectations of a future price increase for the token.
Growth of XRP ETFs
The Teucrium 2x Long Daily XRP ETF is also nearing record figures, with assets surpassing $285 million in less than three months. Research suggests that as approval odds for new XRP ETFs from companies like Bitwise and Franklin Templeton increase, there may be a further influx of investments in the market.
XRP Ledger Ecosystem Development
Ripple Labs continues to expand its XRP Ledger ecosystem. Recently, the company partnered with Ctrl Alt and the Dubai Land Department to secure storage for tokenized real estate titles. This broadens Ripple's technology use in various sectors and may lead to further token growth.
The overall rise in XRP price, supported by futures markets and ETF developments, may strengthen its market position further, aiming for a price of $5.
