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XRP is close to reaching its all-time high, trading at $3.22 on Wednesday as people get excited about a possible turning point: the launch of the first U.S.-listed XRP ETF. While nothing is official yet, things are heating up with rumors that ProShares might be launching its XRP exchange-traded fund on July 18.
The token has been rising relentlessly since breaking through the $2.60 resistance last week - a level that had held for months. This led to new investments and put XRP into overbought territory based on standard metrics.
But it seems that the market is more focused on the importance of an ETF listing than on any technical cooldown.
If it is confirmed, this fund would be a huge step for XRP's presence among institutions. It would show that the token, which has been in regulatory trouble, is now being used in regular investment products. The timing is especially interesting, considering the big changes happening in Washington right now.
Lawmakers just passed two important crypto bills that are supposed to make it clearer what digital assets are and what the rules are for compliance.
The ETF might still run into some procedural hurdles, but the bigger picture is already changing. What was once a small part of the industry that was ignored because of lawsuits is now starting to become more legitimate, and you can see that in the prices right away.
XRP hit a high of almost $3.84 back in early 2018. With the rate at which things are going, that level is totally doable, and an ETF announcement could be the last piece of the puzzle to push it over the edge.
Vladislav Sopov
U.Today Editorial Team