XRP has recently experienced a significant rise and increased its market value to over 160 billion dollars. With this increase, the XRP strengthened its position as the third largest asset in the crypto market.
Causes of the rise in XRP price
XRP increased by 8 percent in the last 24 hours and rose to $ 2.82. However, there was a slight retreat and the price fell to $ 2.80. The biggest reason behind this ascension was that the US Securities and Stock Exchange Commission (SEC) officially accepted the application of XRP ETF. The fact that the SEC started to examine the application created a positive atmosphere among investors.
The SEC had previously accepted a similar application of Grayscale, the world’s largest digital asset manager. These developments show that there may be a change in the regulatory institution’s posture on XRP.
SEC’s new attitude and ETF process
The acceptance of the SEC’s applications shows that the process has officially started and a period of investigation that will last for about 240 days. At the end of this process, applications will either be approved or rejected. A possible approval may provide investors the opportunity to benefit from price movements without directing XRP. In addition, it can provide a safer environment by providing a regulatory framework for XRP investments.
This development may also show that there is a change in SEC’s attitude towards crypto currencies. The institution, known for the cases filed against Ripple and other crypto companies during the period of former SEC President Gary Gensler, may adopt a more innovation -friendly approach with the new president Mark Uyeda came to office.
New targets for XRP
Market analysts think that XRP’s rise can continue. Crypto analyst Cryptowzrd, stating that the price is in a strong rise trend, suggesting that resistance of $ 3.03 could be overcome.
https://x.com/cryptowzrd_/status/189057672310264205
Another analyst Ali Martinez said that XRP could rise up to $ 3 if it holds over $ 2.30. Ekrag Crypto said that a closing above $ 2.75 can carry XRP to $ 2.94. According to the analyst, the XRP remained below $ 3.40, the market has not yet set a significant direction, and it is difficult to talk about a strong rise trend unless there is a permanent breakdown above this level.
