XRP rises by double digits to a new 3-year high as ETF speculation grows

XRP It rose to its highest level since May 2021, reaching $1.67 on Friday morning, according to CoinGecko.

At the time of publication The price of XRP At $1.66, 13.8% per day and 12.8% in the last week. Its price movement It comes amid growing speculation that an XRP exchange-traded fund (ETF) could be on the horizon, alongside the prospect of potential changes at the US Securities and Exchange Commission (SEC).

On Monday, global ETF provider Wisdomtree registered its XRP ETF in the state of Delaware. Fox Business– The first step to approve the product. Then on Wednesday, the European XRP ETP to Bitwise Physical XRP ETP Ripple will invest in the fund, he said.

“The demand for exposure to the crypto asset class has exploded in 2024,” Ripple CEO Brad Garlinghouse said as the company announced plans to invest in the Bitwise fund.

In October, Garlinghouse said he believed approval of the XRP ETF was “inevitable.”

This is the same year that both Bitcoin and Ethereum ETFs were accepted in the US, allowing traditional investors to buy into crypto. As of this writing, US Bitcoin ETFs have $107.14 billion in assets under management. CoinGlassWhile Ethereum ETFs 10.74 billion dollars Assets under management.

“This trend is set to accelerate further as the US regulatory environment for crypto finally becomes clearer, increasing demand for crypto ETPs,” Garlinghouse said.

XRP has been embroiled in legal battles with the SEC since 2020 after the regulator alleged that the asset was an unregistered security. In the year 2023 A federal judge ruled XRP is “not necessarily a security on the face of it.” Then in October of this year The SEC has appealed key aspects of the ruling. Regarding XRP sales on digital asset trading platforms and private sales by Ripple executives.

This regulatory and legal uncertainty is a dark cloud over the sixth largest cryptocurrency by market capitalization. With the news that the SEC chairman Gary Gensler is preparing to step down as supervisor. When Trump enters the presidency, some have clouds has risen.

When news of Gensler's departure broke last week, XRP hit $1.49, breaking a three-year high — which it has since tripled. That said, the token remains 51% off its all-time high of $3.40 reached in January 2018—seven years ago.