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Ripple’s native cryptocurrency, XRP, has drawn renewed attention as ETF speculation intensifies amid pro-crypto regulatory momentum in the US. Grayscale’s XRP Trust has soared over 300% since May, signaling strong investor confidence. Recent filings for XRP ETFs further boost market enthusiasm despite recent trading volatility.
Trump’s Crypto Support Sparks Ripple Optimism
It seems like investors held out hope that the US regulatory climate would improve after Donald Trump's victory. During his campaign, Trump promised to make the United States a crypto leader and openly expressed his support for the cryptocurrency industry.
Along with this, Ripple supporters' expectations for a resolution to the Ripple vs. SEC lawsuit have been heightened. Along with the expected pro-crypto regulation, market enthusiasts are also expecting the ETF launch of numerous popular altcoins in the near future, Coingape points out.
Ben Armstrong, better known by his stage name "The BitBoy," is a major player in the cryptocurrency industry, and he has recently expressed his optimism in Ripple's native coin. He brought attention to the fact that GrayScale XRP Trust has seen returns of over 300% since May in a recent X article, indicating that the market is very bullish on the cryptocurrency.
Ripple Stablecoin Approval and Market Confidence
Furthermore, he made the observation that the strong return is a "Good sign" of a possible imminent US launch of the XRP ETF.
This is happening at the same time as Ripple's native coin has been seeing a significant upswing, reflecting the general upbeat mood in the cryptocurrency market. It's worth mentioning that GrayScale has also filed for Solana ETF recently, which has prompted talks about the possibility of a comparable move for XRP.
Market sentiment has been lifted following the NYDFS's recent approval of Ripple's stablecoin RLUSD. Investors have also demonstrated a high level of market confidence following the resignation announcement of US SEC Chair Gary Gensler.
Market watchers were hoping that regulators will dismiss or settle the continuing litigation with Gensler's departure, which would have a positive impact on Ripple's native cryptocurrency, which was among the most benefited coins from the news.
Institutional Ripple ETF Filings Gain Momentum
Prior to this week's erratic trading, the price of XRP had risen 250% in the previous 30 days due to a slew of favorable occurrences.
The cryptocurrency has seen relatively quiet trading activity over the past week, with a precipitous decline of about 5% in the past day. But the latest indication from BitBoy about an XRP ETF launch could turn the tables and boost market confidence.
Furthermore, the market is currently anticipating a possible launch because to the recent registrations from prestigious institutions for Ripple ETF. In order to provide some background, WisdomTree has just submitted an S-1 Form to the US SEC on behalf of the XRP ETF. Bitwise, Canary Capital, and 21Shares all applied for the same thing at the same time, which made traders happy.
At the same time, Ben Armstrong seems to still be bullish about XRP's future. To put that in perspective, he just made a post on X where he captivated investors by predicting that the price of XRP will surge to $4.5 either this year or by January 2025.
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