Ripple: How High Will XRP Go If The SEC Approves An ETF?
Ripple’s XRP token broke out after the fintech company had a small victory in its legal battle with the SEC. The judge agreed to seal documents containing information about the company’s summary judgment motion. The victory led to a small rally for XRP.
XRP’s price is up 4.8% in the weekly charts, 20.3% in the 14-day charts, 2.6% in the monthly charts, and 342.4% over the previous year. Despite the rally, the asset is down by 0.5% in the daily charts.
Will XRP Rally Over The Next Few Days?
Ripple’s small victory could lead to XRP entering a bullish phase. President-elect Donald Trump’s inauguration on Jan. 20, 2025, could add further momentum to the asset. The fintech company’s CEO recently had dinner with Trump. The move has led many to believe that XRP could be poised to make massive gains this year.
XRP had an incredible year in 2024. Ripple had a partial victory in its lawsuit with the SEC. The court ruled that selling XRP to retail clients did not breach securities laws. XRP also breached the $2 mark for the first time in nearly seven years.
How High Will The Asset Go If The SEC Approves An ETF?
Financial institution WisdomTree applied for a spot in XRP ETF last year, which created significant excitement within the crypto community.
An XRP ETF could lead to a significant price spike for the underlying asset. Bitcoin’s (BTC) price went from nearly $40,000 in January to a new all-time high of $73,000. BTC underwent an 82.5% rally after its ETF approval.
Let us consider that XRP undergoes a similar rally after its ETF approval. In this scenario, XRP will hit $4.61.
There is a possibility that XRP will not rally the same way as Bitcoin (BTC). Ethereum had an ETF launch last year but the asset did not make much movement. XRP could suffer a similar fate to Ethereum (ETH).