Asset manager WisdomTree has officially submitted its S-1 filing for a spot XRP ETF (Exchange Traded Fund). The development marks a significant milestone for the cryptocurrency industry. Ripple’s XRP token has surged following the ETF filing.
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XRP Begins To Rally?
The cryptocurrency market is facing a slight correction. Bitcoin (BTC) is facing significant resistance at the $96,000 level. Ripple’s XRP token, on the other hand, is defying the market trend. The asset is up by 20.3% in the daily charts, 54.9% in the weekly charts, 102.1% in the 14-day charts, and 351.6% over the previous month. The asset’s price has also risen by 276.3% since December 2023.
Source: CoinGecko
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XRP’s latest rally has led to the asset breaching the $2 mark for the first time since January 2018, nearly seven years ago.
Can The Asset Hit $3 Next?
XRP is currently down by about 32% from its all-time high of $3.40. The Ripple vs. SEC lawsuit from December 2020 was a significant barrier to the asset’s price. The fintech company settled the lawsuit earlier this year and paid a $125 million fine. With the case settled, XRP may hit a new all-time high soon.
According to CoinCodex, XRP will face a correction throughout December. The platform anticipates the asset to trade at $1.57 on Dec. 31, 2024. Falling to $1.57 from current price levels will translate to a dip of about 32%.
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Source: CoinCodex
There is also a possibility that XRP will not face a correction. If the SEC approves WisdomTree’s S1 filing, XRP may rise to a new all-time high. The launch of 11 spot Bitcoin ETFs earlier this year took the asset to a new peak. We may witness a similar pattern for XRP as well.
