XRP Price Fluctuates Amid ETF Approval Speculation
- Bloomberg analysts estimate a 95% chance of an XRP ETF approval, with the SEC decision expected in October.
- XRP’s price peaked at $3.04, driven by speculation around the ETF and increased institutional interest in XRP derivatives.
- Demand for XRP futures rose by 5%, totaling approximately $7.91 billion, with a notable increase of outstanding contracts at the CME by 74% to reach 386 million XRP.
- Despite stablecoin growth, XRPL holds only about 2% of Real World Assets, lagging behind other blockchains like Avalanche and Stellar.
- Ripple’s stablecoin RLUSD surpassed $700 million in assets, but nearly all was issued on Ethereum, limiting demand for the XRP Ledger.
The anticipation surrounding an XRP ETF approval has significantly influenced its recent price movements and market interest. With a total value locked (TVL) of just $100 million, XRPL’s ability to maintain momentum may be challenged despite potential future developments.
As XRP approaches key price levels amid these developments, its current standing reflects broader market dynamics with only a modest share of Real World Assets compared to competitors.(Source)
