Anika Begay
Following the Launch of Spot Bitcoin ETFsBitcoin (BTC) has seen a dramatic price surge, hitting new all-time highs. This raises the question of whether the potential launch of a XRP ETFs could push the cryptocurrency price to an all-time high of $20.
Ripple Regulation Could Trigger an XRP ETF
The duration of almost four years legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is nearing its conclusion, with the Court orders Ripple to pay $125 million in civil penalties to resolve the case with the SEC. While Judge Analisa Torres made it clear that XRP is not considered a security, the ruling also provided much-needed legal clarity for XRP and the broader cryptocurrency space.
With Ripple Regulatory Status Issue Resolvedcould pave the way for an XRP ETF. Kashif Raza, the founder of Bitnning, also expressed optimistic expectations for the potential launch of new XRP ETF papers.
In an X (ex Twitter) sendRaza revealed that while XRP sales to institutional investors were in violation of securities lawsSelling to retail investors does not violate any laws. Bitnning’s founder sees this differentiation as a positive development for the XRP community.
Sharing similar expectations for an XRP ETF, cryptocurrency enthusiast Amelie noticed that Ripple’s new regulatory clarity could set the stage for an XRP ETF sometime between 2024 and 2025. Additionally, cryptocurrency analyst Tony Edwards has declared that the odds of an XRP ETF have increased significantly.
Despite Ripple’s legal victory, Edward revealed that the XRP market is not in a bullish sentiment phase at the moment. However, the analyst acknowledges that XRP now has a clear path to a bullish takeoff as the market progresses. He stressed that when the cryptocurrency regains its bullish momentum, it will be free from the dark cloud of litigation and legal challenges.
Could an ETF Drive XRP Price to $20?
Following the conciliation order and the court ruling that XRP is not a security, the price of cryptocurrency has increased above 25%, breaking the $0.6 mark and edging ever closer to $0.7. The legal resolution fueled speculations on the potential introduction of an XRP ETF, which could have a significant impact The value of XRP.
Considering Bitcoin surges to new all-time highs after the launch of its ETF, it is plausible that XRP could reach $20 if an ETF is launched. Sharing similar bullish sentiments, Edward set a more conservative bullish target for XRP in the event of a ETF LaunchThe analyst predicts that XRP could increase in price between $4 and $8.
Conversely, cryptocurrency analyst and BitTrue ambassador Brett Hill has consider a $4-10 target for XRP is overly pessimistic. He shared a more optimistic projection for XRP, predicting that the cryptocurrency could reach between $18 and $20 within the next one to six months.
Featured image created with Dall.E, chart from Tradingview.com
