- XRP price surges 6.75% as ETF launches boost momentum.
- Analyst predicts XRP will soon outperform Ethereum with breakout momentum.
- Institutional interest drives XRP’s price surge amid strong market demand.
XRP’s price is experiencing a significant surge today, primarily driven by the recent influx of exchange-traded fund (ETF) launches and the growing momentum in the market.
Several XRP ETFs, including products from Franklin Templeton, Grayscale, Canary, and Bitwise, have been launched in quick succession, expanding institutional access to the digital asset. With six XRP ETFs now listed on major U.S. exchanges, institutional investors have been quick to show interest, boosting XRP’s price and trading volume.
The newly launched ETFs have seen impressive trading activity, underscoring strong institutional demand. Bitwise’s XRP ETF took the lead, with 1.45 million shares traded, totaling $36.6 million in volume.
Franklin Templeton followed closely with 965,203 shares traded, bringing in $23.7 million, while Canary’s ETF saw 783,825 shares traded, worth $18.8 million. Although Grayscale’s GXRP ETF saw a slower start, with only 152,566 shares traded for $6.7 million, the overall impact of these launches is undeniable in driving XRP’s recent price gains.
XRP has gained 6.75% in the last 24 hours, rising from $2.05 to $2.19, showing strong upward momentum as per CoinMarketCap data. The market cap has also increased to $131.99 billion, with a trading volume of $6.34 billion over the same period, reflecting the heightened investor interest.
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Analyst Predicts XRP Will Soon Outperform Ethereum
The surge in XRP’s price is not just a reaction to institutional interest; it also comes on the back of strong technical momentum. Analysts are predicting that XRP could soon outperform Ethereum as it continues to break key resistance levels. The latest chart analysis supports this view, showing XRP’s upward momentum and strong breakout after recently surpassing resistance points.
In an analysis shared by CryptoBull, XRP’s price is seen pushing above a long-standing resistance line, which had previously capped its gains. The second chart shows a sharp price increase, with XRP gaining 3.49% in one day, signaling that the momentum could continue in the near future. According to CryptoBull, XRP is on track to break free from its resistance against Ethereum, further supporting the likelihood of outperformance in the coming weeks.
With institutional demand surging through the new ETFs and the technical indicators favoring upward movement, XRP’s market position looks increasingly strong. Investors are now looking to see if XRP can maintain its momentum and continue to push past Ethereum, as predictions suggest the asset could see even greater gains in the near term.
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