Key Reasons Why XRP Price Is Up 3% Today

The price of XRP has experienced a notable surge today, marking a 3.2% increase in the last 24 hours and reaching $0.531. While XRP has seen a decline of 15.85% over the past 30 days, the recent uptick suggests a reversal of fortunes. Concurrently, the 24-hour trading volume for XRP has surged by 12.06%, reaching $902,311,943.

One of the key drivers behind this surge is the positive developments within the XRP ecosystem. Santiment, a leading analytics platform, reported today that XRP Ledger had achieved a significant milestone. It was mentioned that XRP Ledger currently boasts 5.02 million distinct wallets holding more than zero XRP coins, marking the highest number in its more than 10 years of public trading.

📈 #XRPLedger now has 5.02M distinct wallets that hold more than 0 $XRP coins, the most in its now 10+ years of public trading years. The #6 asset in #crypto by market cap has more than doubled such wallets in 3 years (+104%) as the network expands. https://t.co/YZBcHsOuSS pic.twitter.com/o0m6PKE0Re

— Santiment (@santimentfeed) January 27, 2024

The cryptocurrency, ranked as the sixth asset in the crypto market by market capitalization, has witnessed a doubling of such wallets over the past three years, representing growth of 104%, attributed to the continuous expansion of the network. This indicates a growing user base and increased adoption of XRP Ledger.

XRP ETF buzz

Additionally, rumors surrounding the potential introduction of XRP exchange-traded funds (ETFs) have fueled investor optimism. FOX reporter Eleanor Terrett highlighted the necessity of establishing a futures ETF as a precursor to launching an XRP spot ETF. Terrett explained that for an XRP spot ETF to be established, a prerequisite would be the existence of a futures ETF.

She pointed out that the approval process for BTC spot ETFs involved the SEC determining that the CME Bitcoin futures market would be adequate for monitoring fraud and manipulation. Notably, Terrett’s comments gained traction following the revelation that Ripple, the company behind XRP, is actively seeking a senior manager for business development in New York.

In order to have an $XRP spot ETF, there will first need to be a futures ETF.

Part of getting the $BTC spot ETFs approved was the @SECGov concluding that the CME bitcoin futures market would suffice to provide surveillance for fraud and manipulation.

If $XRP gets a futures ETF… https://t.co/MPFVSherXK

— Eleanor Terrett (@EleanorTerrett) January 27, 2024

The job description explicitly references “drive cryptocurrency-related ETF initiatives,” suggesting that Ripple may be gearing up to apply for an XRP ETF. The potential for an XRP ETF is viewed as a significant step forward for the cryptocurrency, mirroring the approval process seen with the Bitcoin spot ETF.

If established, a futures ETF for XRP could pave the way for broader market acceptance and regulatory approval, ultimately setting the stage for a spot ETF. Investors and enthusiasts are closely monitoring these developments, as positive news from both increased user adoption and potential ETF developments contribute to the positive momentum currently witnessed in the XRP market.

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