XRP Price Rises Against the Tide! Ripple President Hints at Spot ETF Approval
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TradingKey – While the broader cryptocurrency market faced a pullback amid expectations of slower interest rate cuts by the Federal Reserve, XRP defied the trend, surging nearly 3% on Thursday, January 9.
In contrast, Bitcoin, the largest cryptocurrency by market cap, fell over 2%, reflecting the bearish sentiment across the market. However, XRP’s upward momentum has been fueled by speculation that a spot ETF for XRP might be approved soon.
XRP and BTC Price Fluctuations in the Past 24 Hours, Source: CoinMarketCap.
This optimism was sparked on January 7, when Ripple President Monica Long suggested in an interview with Bloomberg that an exchange-traded fund (ETF) tracking XRP could become a reality in the near future.
Despite broader market weakness, XRP has remained resilient, consolidating at high levels. Technical analysis shows that XRP is forming a symmetrical triangle pattern and is approaching its apex, signaling that a significant breakout could be on the horizon.
XRP Price Chart, Source: TradingView.
Moving forward, market participants should closely monitor developments surrounding the potential XRP spot ETF and geopolitical factors, as these are likely to have a direct impact on XRP’s breakout direction.
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