Bitcoin and the broader cryptocurrency market started the week with mild declines. After maintaining a position above $94,500 during the weekend, Bitcoin slipped below $93,000 early Monday before recovering to its present levels of $94,800.
Altcoins reflected similar patterns, recording minor movements alongside Bitcoin’s dip. However, XRP broke away from the market trend, registering a significant daily gain that captured the attention of investors.
According to reports, XRP dropped to $2.16 yesterday before surging to a multi-day peak near $2.32 which is an increase of 7 % within 24 hours. Though it has slightly retraced from that high, XRP remains around 5 percent higher than it was a day ago, outperforming all other top 25 cryptocurrencies.
The sudden rise is mainly attributed to the approval of three new Ripple-related Exchange Traded Funds (ETFs) in the United States. ProShares received an approval to launch the Ultra XRP ETF offering 2x leverage, the Short XRP ETF, and the Ultra Short XRP ETF with -2x leverage.
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These approvals followed the earlier introduction of leveraged XRP ETFs by Teucrium this month.
Although investors are still waiting for a spot Ripple ETF, the latest developments have fueled renewed enthusiasm around XRP. This wave of optimism helped lift XRP’s price during a period when most of the market showed little energy.
Ripple ETF Approvals Help XRP Defy Market Slump
Crypto analysts suggest that the eventual approval of a spot XRP ETF could spark even larger price movements. Some projections within the community have set ambitious targets, with some pointing toward $100, though such estimates remain speculative.
XRP’s reaction to the leveraged ETF approvals shows the influence that regulatory progress can have on market behavior. Despite the lack of major movement elsewhere, XRP’s ability to post gains demonstrates how positive news can shift sentiment sharply.
Meanwhile, Bitcoin’s recovery efforts were not enough to inspire widespread gains across major altcoins. Most assets remained flat while stablecoins like Tether USDT continued to hold their dollar pegs without notable fluctuation.
XRP’s standout performance highlights the importance of targeted developments in driving individual asset rallies, even during otherwise quiet market periods.
The cryptocurrency market entered the week quietly, with Bitcoin and most altcoins seeing little change. XRP, however, gained sharply after new Ripple ETF approvals, setting it apart from the broader market’s subdued movement.
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