Ripple's XRP is experiencing a notable price movement today, driven by growing optimism surrounding potential regulatory changes and the prospect of an XRP exchange-traded fund (ETF). Ripple President Monica Long recently expressed confidence that an XRP ETF could soon become a reality, following the approval of Bitcoin and Ethereum ETFs. This sentiment is bolstered by the anticipation of a more crypto-friendly regulatory environment under the incoming Trump administration, which is expected to accelerate the approval process for crypto-related products. The market's positive response to these developments is reflected in XRP's price action.
Adding to the bullish sentiment, technical analysis by renowned trader Peter Brandt suggests that XRP is forming a bull flag pattern, which could signal a significant upward movement if completed. Brandt predicts that XRP's market cap could potentially reach $500 billion, translating to a price of $8.68, should the pattern play out as expected. This technical setup, combined with the favorable regulatory outlook, is contributing to the current optimism among investors and traders.
XRP's price has risen by 1.38% today, reaching $2.303846, with a high of $2.361796 and a low of $2.218986.