DailySun
XRP has successfully reclaimed the critical psychological threshold of $3, fueling trader optimism ahead of expected positive ETF rulings.
Summary
- XRP has regained the $3 level amidst ongoing market enthusiasm
- ETF approvals are viewed as a primary potential catalyst for price fluctuations
- Growing open interest in XRP futures illustrates robust institutional engagement
The price of XRP (XRP) has surged back to $3, a vital psychological threshold, signaling persistent optimism regarding its future trajectory. On September 10, XRP saw a price increase of 1.1%, trading around $3 with a daily volume totaling $4.35 billion. This price establishes XRP’s market cap at $178.26 billion, securing its position as the third-largest cryptocurrency.
Despite ongoing market fluctuations, traders continue to perceive ETF interest as a key potential driver for price elevation. The Securities and Exchange Commission is currently evaluating 15 applications for XRP ETFs. Should market interest align, these funds could substantially impact XRP’s demand.
Additionally, there is clear evidence of robust interest. The CME Group’s XRP futures contracts hit $1 billion in open interest within just three months, surpassing all other crypto assets. This figure is frequently regarded as a strong indicator of ETF demand, reflecting considerable institutional interest.
XRP ETF: The Key Catalyst
The earliest decisions regarding ETFs from CoinShares, 21Shares, Canary Capital, and Grayscale are anticipated on October 19, unless the SEC opts for further delays, as has been the case in the past. Recently, the deadline for the Franklin Templeton XRP ETF decision has been pushed to November 14.
Nevertheless, the probability of XRP ETF approval appears quite favorable, with Polymarket traders estimating a 92% chance of approval by the end of 2025. If this forecast proves accurate, XRP could be well-positioned for significant gains among leading crypto assets in the forthcoming months.
