Ripple’s (XRP) price rose 6% on Wednesday, reaching a crucial resistance level of $0.6378 amid rising hopes for exchange-traded funds (ETFs). Ripple CEO Brad Garlinghouse hinted at the potential for an XRP ETF during an interview with Bloomberg.
The SEC recently approved spot Bitcoin and Ethereum ETFs, attracting significant investments. Garlinghouse expressed optimism that XRP could follow, possibly with involvement from BlackRock. He also suggested ETFs based on baskets of major cryptocurrencies to diversify risks.
XRP, the sixth largest cryptocurrency with a market cap over $35 billion, partially won an SEC lawsuit in 2023, enhancing its regulatory standing. The token is nearing a golden cross pattern, which historically signals further price increases. This pattern last led to a 44% price rise in October 2023.
The potential XRP ETF and the golden cross pattern could significantly impact the cryptocurrency market, making XRP a key asset to watch.
