Potential Surge in XRP Price: Expert Insights and Market Trends
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Anticipated Catalysts for XRP Price: Spot XRP ETFs in October
According to renowned stock market expert Oliver Michel, CEO of Tokentus, the XRP cryptocurrency is poised for a substantial price movement. Michel suggests that the introduction of spot XRP ETFs could act as a pivotal catalyst for this digital asset. With more than seven ETF applications currently awaiting the SEC’s decision, slated between October 18 and 25, an approval could potentially propel XRP to new heights. Michel draws comparisons to the historical impact of Bitcoin and Ethereum ETFs, which sparked heightened market activity and interest.
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The current market landscape already reflects increased enthusiasm, as evidenced by the XRP futures at the CME Group, which rapidly reached $1 billion in open interest within just over three months—a record for any crypto contract on CME. Additionally, XRP-linked funds are witnessing significant inflows, with futures-based XRP ETFs attracting over $800 million in assets. Michel asserts that the approval of spot ETFs could amplify direct demand, potentially igniting a rally in XRP prices during October.
XRP’s Consolidation and the Potential for a Breakout
From the bustling Frankfurt Stock Exchange floor, Oliver Michel reports that XRP’s current trading value hovers around $2.97, consolidating below its recent high of $3.66. He emphasizes the importance of broader market momentum to propel XRP higher, as independent growth appears unlikely. While Bitcoin continues to hold potential, Michel believes altcoins like XRP and Ethereum could see more substantial gains—up to 300%—compared to Bitcoin’s anticipated 30% increase.
Michel underscores the critical juncture XRP is approaching. Should spot ETFs receive approval, a strong upward movement in XRP’s price is likely. Echoing other analysts, Michel projects a new peak for XRP, with year-end forecasts exceeding $10. The current consolidation phase suggests XRP is on the cusp of a breakout, with October potentially marking the beginning of a robust rally.
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