- XRP has outperformed all other major cryptocurrencies.
- The SEC is considering five XRP ETFs.
- Market observers say XRP approval chances are high.
XRP is up 10% this week, trading at $2.69, and has outperformed all other major cryptocurrencies.
Bitcoin and Ethereum have only posted minor gains this week while Solana and BNB are down 9% and 8%, respectively.
The XRP price rally comes amid a flurry of regulatory developments for the Ripple-linked cryptocurrency.
In the US, the Securities and Exchange Commission acknowledged five spot XRP exchange-traded funds, which has ramped up the buzz about a possible launch this year.
The SEC’s public acknowledgment doesn’t mean the filings have been approved, but Lucas Sorlini, product head at institutional crypto platform Northstake, told DL News that the odds are high.
Sorlini also estimated XRP ETFs could attract up to $800 million in inflows during the week after approval. JPMorgan predicted $8 billion flowing into the investment vehicle within the first year.
And on Wednesday, Brazil’s regulator approved an XRP ETF by crypto fund manager Hashdex.
It’s the world’s first XRP ETF, which will eventually trade on Brazil’s stock exchange.
Crypto market movers
- Bitcoin is up 1.2% over the past 24 hours to reach $97,441.
- Ethereum has also risen slightly over the same period to $2,742.
What we’re reading
- How Circle’s embrace of EU rules gives it an edge over Tether ― DL News
- Yikes. Is Solana dead? ― Milk Road
- Are Memecoins Collapsing? These 8 Charts May Be Signaling Yes ― Unchained
- Don’t hate us for saying this, but… ― Milk Road
- Javier Milei’s $4.5bn Libra memecoin scandal rocks Argentina: a timeline ― DL News
Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@dlnews.com.
