Ripple
Bitwise’s Spot XRP ETF Registration Statement Unveiled, Price Falls 7%
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6 hours agoon
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adminCrypto asset manager Bitwise has made a significant move by submitting an initial registration statement to the US Securities and Exchange Commission (SEC) on Wednesday for its spot XRP ETF. This action confirms the authenticity of its filing on September 30, following widespread speculation regarding the development.
XRP ETF Applications Gain Momentum
Despite this initial step, the road to approval is fraught with challenges. No XRP ETF is guaranteed to meet the SEC’s regulatory standards.
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Recent reports indicate that applications for ETFs linked to Solana, the fifth-largest cryptocurrency, were recently rescinded due to the SEC’s concerns about Solana’s legal standing. Nonetheless, Hunter Horsley, CEO of Bitwise, expressed confidence in XRP’s potential as an investment opportunity.
“XRP is one of the most enduring, well-known assets in the space and is also recognized among mainstream investors,” Horsley stated in an interview with Fox Business. He emphasized that Bitwise aims to help investors access opportunities in the cryptocurrency market, and the filing for a Bitwise XRP ETF aligns with that mission.
In addition to Bitwise’s efforts, Fox Business has learned that another XRP ETF filing has emerged from Canary Capital, a newly formed crypto-focused investment firm founded by Steven McClurg, co-founder and former chief investment officer of Valkyrie Funds. Canary’s XRP ETF was filed on September 24.
Implications Of SEC’s Ripple Lawsuit
The regulatory status of XRP has been a contentious issue over the past years, particularly following the SEC’s lawsuit against Ripple in 2020, claiming that XRP sales constituted what the agency calls “unregistered securities offerings.”
A recent ruling provided Ripple a partial victory, determining that only certain sales—specifically to institutional investors—were classified as securities. This ruling has significant implications for XRP’s future, particularly as the SEC approaches its October 7 deadline to appeal.
As reported by Bitcoinist earlier this week, Pro-XRP attorney Fred Rispoli has indicated that the likelihood of an SEC appeal is higher than the chance of the agency allowing the case to conclude without further action.
Rispoli highlighted the stakes involved, noting that if the SEC chooses not to appeal, it could set a precedent that distinguishes Ripple’s case from future cryptocurrency sales. This could have wider implications, not only for Bitwise’s XRP ETF application but also for other institutions making similar moves to offer the same investment vehicles for the token.
This could be similar to the newly launched Bitcoin and Ethereum Spot ETF markets, which were approved and launched in January and July this year, respectively, with the world’s largest asset managers offering these index funds to their clients, further supporting the adoption and investment in these cryptocurrencies.
XRP Price
Despite this notable development for the XRP market, its price has failed to follow the excitement generated among investors, as the token has followed the broader market’s decline with a 7% drop in the 24-hour time frame, resulting in a current trading price of $0.578.
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Despite this, the cryptocurrency is still managing to hold on to some of its gains from last month, up 5% over the period. However, XRP has only managed to gain 10% every year, highlighting the lack of catalysts and bullish momentum for further recovery.
This is particularly evident in the gap between the current trading price and the all-time high of $3,040 reached in January 2018, leaving a difference of 82% from the record peak.
However, a full victory for Ripple and other institutions to follow Bitwise’s initiative for an XRP ETF could have a noticeable impact on the price and perhaps renew investor confidence in the token, strengthening the bullish outlook for the rest of the year.
Featured image from DALL-E, chart from TradingView.com
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XRP's 'Bearish Skew' Persists Amid 10% Price Slide Following SEC Appeal and ETF Filing
Published
2 hours agoon
October 3, 2024By
adminPrice analysis
Will XRP Price Hit $100K or Even $1M? Here’s What a Developer Says
Published
3 days agoon
September 30, 2024By
adminThis developer explains how XRP price could hit $100K or even $1M. Quincy Jones, the former R3 Corda developer explains how this price target could come true considering the utility or the role XRP token serves. In the video, Jones notes that XRP can be used as a liquidity instrument that could help onboard stocks, bonds and other real-world assets on to the XRP Ledger. Depending on the size of the onboarding asset, XRP price could hit $100, $100K or even $1M, says the developer.
Will XRP Price Hit $100K or $1M?
According to Quincy Jones, XRP is a financial instrument of liquidity between stocks, crypto, bonds, and debt. Since XRP is considered a liquidity tool, it would cost XRP for issuers to issue debt, stocks, cryptos or other assets.
In addition to issuing equity, adds Jones, debt could also be onboarded to the XRP Ledger.
“So XRP is only bound by the fiscal responsibility of the people that issue assets. So XRP could be $100, $100K, $1M,” says Jones.
Hypothetically speaking, the developer added that $100 trillion worth of equity can be issued on the network if need be. Likewise, if the government wanted to issue $500 million, it can also be done on the XRP Ledger. But the critical point mentioned by Quincy Jones is that to do the above, XRP will serve as the means of exchange between US Dollars and the blockchain, which could have a massively bullish impact on the XRP considering the size of the asset issued.
A recent XRP news includes a rumor that Ripple’s partnership with UAE and India will use XRP for Oil purchases. Many speculate that this could allow Ripple to tap into the $500 trillion sector by leveraging XRP. In other news, XRP rallied 13% after breaching its two-week consolidation while Bitcoin and other crypto prices tanked. What’s next?
XRP Eyes $1M According to Community
In a recent post, the XRP community’s prediction suggested how XRP price could be worth $1M. This story development began when a popular developer sarcastically noted the parity between Ripple’s stablecoin RLUSD and 1 US dollar. To which a community member noted if an XRP drop would be worth $1, it could put the XRP at $1. Readers must note that an XRP token comprises a million drops.
While the exaggerated targets for XRP price are a dime a dozen, investors needed to be more realistic and grounded in expectations. One analyst notes that Ripple could hit anywhere between $7 to $10 based on his analysis of XRP breaching a multi-year trend line.
Analyst Forecasts Ripple’s New ATH of $10
In a recent X post, XForceGlobal posted an XRP chart that hinted at a multi-year breakout. Since 2020, Ripple price is getting squeezed between two converging trend lines, denoting a drop in volatility. Such a range tightening often leads to a massive volatility breakout.
In this case, XForceGlobal suggests that the recent breakout to the upside hints at a massive rally for XRP. The analyst adds that if Ripple manages to stay above this trend line for a “few more weeks” then XRP could revisit the $7 to $10 range.
The invalidation levels for XRP include the July swing low at roughly $0.37. A breakdown of this level would need to make investors cautious as it means a further downside could be next. If buyers fail to step in here, Ripple could slide down to $0.28, which would invalidate the symmetrical triangle pattern and the bullish thesis and prevent XRP from going to $7 or $10.
Grounded XRP Price Prediction Suggests $1 Likely
While it is highly unlikely that the XRP could ever hit its ATH of $3.1, this bull run could easily propel the token to $1. This target would suggest a 56% rally from the current level of $0.651. Considering that Ripple has shot up 32% in just 23 days, it is not outside the realm of possibility for this top altcoin to rally another $56 and hit $1.
Frequently Asked Questions (FAQs)
Developer Quincy Jones predicts XRP could reach $100, $100K, or $1M due to its role as a financial instrument of liquidity.
Ripple’s partnerships, potential use cases in massive sectors (e.g., oil purchases), and breaking out of its consolidative trend could drive XRP’s price increase.
Analyst XForceGlobal forecasts XRP could reach $7-$10 if it maintains its upward trend.
Akash Girimath
Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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XRP Ledger Rolls Out Two Major Upgrades, Will It Impact RLUSD?
Published
5 days agoon
September 27, 2024By
adminThe XRP Ledger (XRPL) has revealed two major updates, just after implementing another amendment recently, which have caught the eyes of the investors. Notably, this comes as anticipation is soaring over the potential launch of Ripple stablecoin RLUSD. Now, with Ripple’s continued development on the XRPL, speculation rises on how these upgrades might affect the stablecoin’s functionality and broader ecosystem.
XRP Ledger Implements Two Major Upgrades
According to XRPScan report, XRP Ledger implemented two major upgrades “fixEmptyDID” and “fixPreviousTxnID” on Friday, fueling market interests. Both these upgrades were backed by 31 validators, crossing the 28/35 threshold for the implementation.
The former upgrade primarily aims to stop the creation of empty DID ledger entries, which have previously taken up valuable space without offering any benefit. With this change, any transaction attempting to create such entries will show an error. Notably, this amendment is expected to improve the ledger efficacy without disrupting the existing process.
On the other hand, the latter upgrade focuses on enhancing transaction tracking. This would aid in tracing the history of ledger modifications by adding PreviousTxnID and PreviousTxnLgrSequence fields. Prior to the upgrade, some ledger entries lacked these critical fields, which made it tough to track the transaction history.
Meanwhile, both of these improvements streamline operations on XRPL and optimize the blockchain’s ability to manage data, paving the way for more complex applications in the future.
Will It Impact Ripple Stablecoin RLUSD?
Ripple has already started beta-testing its stablecoin on both XRPL and Ethereum networks. Recently, Ripple has issued two batches of its stablecoin with each having 485 RLUSD. Having said that, the attention is shifting to how these latest XRP Ledger upgrades might impact the stablecoin’s operation.
Meanwhile, Ripple President Monica Long has also confirmed that the launch of RLUSD is set for this year if it receives US approval. Besides, the stablecoin has also gained notable traction as it is expected to serve more areas as compared to Ripple’s native crypto XRP.
Long also said that DEXs on XRPL could benefit from the stablecoin’s efficacy, while XRP would be used for smaller crypto transactions. These comments suggest that the recent XRPL updates may strengthen the ecosystem for both RLUSD and XRP, offering greater functionality and flexibility across multiple applications.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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