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The jump in the price of XRP by over 12% in the last 24 hours came as news of a planned U.S government reopening hit the cryptocurrency market. The development has made a market-observing entity, Sistine Research, tip XRP as the crypto asset with the best price outlook.
Key catalysts for potential XRP growth
In a post on X, Sistine Research noted that among the top crypto coins, XRP has the best performing indices amid its positive reaction to recent developments. The research group believes that XRP could lead the crypto resurgence rally given its outlook.
As of press time, XRP is changing hands at $2.56, which represents a 13.02% increase in the last 24 hours. The coin climbed from a low of $2.27 as positive sentiment returned to the XRP market and broader crypto space.
The asset’s trading volume has also recorded a significant uptick by 97.77% to $5.21 billion. This suggests renewed interest among investors anticipating a shift in the market.
Notably, market participants are looking at new capital inflow when the government shutdown ends. They are now positioning themselves for a possible price increase in the asset’s value.
According to Sistine Research, XRP is well-positioned to benefit from the crypto market recovery, given several factors stacked in its favor. It listed possible banking charter approval for Ripple Labs, the Clarity Act and approval of its exchange-traded fund (ETF).
The Clarity Act is seen as a silver bullet legislation for digital assets, and Sistine Research opined that it would benefit XRP the most. This could catalyze the price of the coin and push it to a higher level from its current range.
Meanwhile, with Ripple’s application for a national banking license still pending, an approval could trigger an upsurge. The argument is that XRP’s use case is very closely tied to cross-border payments and stands to benefit the most compared to other cryptocurrencies.
XRP’s rising exchange demand, ETF optimism bolster momentum
Interestingly, within the last seven days, there has been increased demand for XRP on Binance.
The world’s largest crypto exchange saw a shift in investor patterns as traders moved funds to XRP, while shunning majors like Bitcoin and Ethereum. XRP’s open interest revealed a spike when compared to those of Bitcoin and Ethereum.
Meanwhile, industry stakeholders are anticipating a regulatory nod for the XRP ETF. Bloomberg analyst Eric Balchunas says a 20-day countdown is in effect, following the application filed by 21Shares.
The broader crypto space is keenly watching to see how XRP’s price responds to the expected bullish boosters.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team