• WisdomTree officially filed an S-1 for a spot XRP ETF
• XRP’s price surged following the ETF filing, breaching $2 for the first time since January 2018
• The launch of the XRP spot ETF could potentially drive XRP to new all-time highs, similar to how Bitcoin ETFs boosted BTC’s price
Ripple’s XRP token has seen a significant surge after WisdomTree‘s recent filing for a spot exchange-traded fund (ETF). This development marks an important milestone for both Ripple and the wider crypto industry.
XRP Begins Rallying
The broader crypto market is facing some resistance right now, with Bitcoin struggling to break $20,000. However, XRP is bucking the trend and rising fast. It’s up 20% in the daily charts, 54% weekly, 102% in 14 days, and a whopping 352% in the last month.
Since bottoming out in December 2022, XRP has now gained 276%. The rally has also pushed XRP above $2 for the first time since January 2018.
What’s Driving the XRP Surge?
The filing of the WisdomTree ETF is likely fueling investor interest in XRP. The launch of Bitcoin spot ETFs earlier this year preceded a huge Bitcoin rally. Now the market is anticipating something similar playing out for XRP.
XRP remains 32% below its all-time high of $3.40 from early 2018. However, with the SEC case settled and increasing adoption, many believe XRP could soon set a new record high.
What’s Next for XRP?
Some analysts predict XRP will correct lower through December. However, the ETF approval could change things. If the SEC greenlights the filing, XRP may surge to new highs.
The WisdomTree ETF would represent a major milestone for XRP. It would grant millions of investors exposure to XRP through their normal brokerage account. This level of accessibility often precedes epic rallies.
In summary, Ripple’s settlement with the SEC and the new ETF filing have laid the foundation for the next leg up in XRP. The crypto market is eagerly awaiting the SEC’s decision on the filing. If approved, XRP could be on track to reclaim its former glory.
