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Financial analysts suggest that XRP could experience an unprecedented price surge to $1,000 following SEC approval of XRP ETFs. The anticipation of institutional funds entering the market is sparking excitement among investors.
XRP ETF Could Push Price to $1,000, Analysts Predict
According to crypto experts like BarriC, the price of the cryptocurrency might reach $1,000 if an XRP ETF is approved by the SEC.
The analyst's conviction that XRP can achieve such a lofty price goal within the next five to ten years is based on his observation of the success of Bitcoin ETFs. The introduction of fresh capital into the XRP ecosystem by these funds, as pointed out by BarriC, would cause enormous price increases.
Supply Shock from ETF Asset Managers Expected
According to crypto expert CryptoTank, these possible ETFs are the reason the XRP price can hit $1,000.
The analyst took note of the possible holdings of XRP coins by Bitwise and Canary Capital, two XRP ETF asset managers. As a result of these asset managers amassing more tokens for their funds, he predicts a supply shock.
Spot Bitcoin ETFs have a net asset value of $58.66 billion BTC, according to SoSoValue statistics, while Spot Ethereum ETFs have a net asset value of $6.74 billion ETH. Hence, the XRP ETFs, which hold XRP as net assets, may have demand that is significantly lower than that of the Spot BTC and ETH ETFs.
XRP All-Time High Within Reach
There is a brief window of opportunity for the XRP price to reclaim its present ATH of $3.84. Given that Bitcoin's price hit a new all-time high just after the Spot Bitcoin ETFs went online, this is well within the realm of possibility.
While the price of Ethereum has not surpassed its previous all-time high since the Spot Ethereum ETFs were launched, it is important to note that XRP will not experience the same selling pressure that Ethereum did because of the Greyscale ETH ETFs.
SEC Approval Could Spur Rapid Market Changes
If Bitwise and Canary Capital's applications to convert Greyscale XRP Trust to an XRP ETF are approved today by the SEC, there will be no selling pressure because Greyscale has not yet applied. Assets under management (AuM) for the Greyscale XRP Trust are a meagre $2.1 million. As a result, XRP ETFs are extremely positive in the cryptocurrency market.
Meanwhile, all eyes are on Ripple's appeal to the SEC; how quickly the agency approves an XRP ETF could depend on what happens in this case, Coingape notes.
Ripple's Legal Battle May Impact ETF Approval
The US SEC will challenge XRP secondary sales, according to Marc Fagel, a former SEC officer. The confirmation that the Commission concurs with Judge Analisa Torres' decision that XRP is not a security in and of itself is good news for the price of the cryptocurrency.
If the Commission asserts that XRP is a security, it would be the sole basis for rejecting the current applications. But if the SEC doesn't have any problems, Bitwise and Canary Capital's ETFs can go live.
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