Many people in the community have expressed worry about the price of XRP because it has been comparatively stagnant for a long period. As of this writing, the cryptocurrency has decreased to $0.5659, a further 10.83% decrease over the previous seven days. Even if XRP’s price has increased little over the last day by 0.63%, the company’s fundamental outlook remains negative and calls for a quick turnaround.
Plotting XRP recovery: Bitcoin ETF influence
Very few significant fundamentals in the XRP ecosystem have the ability to surge the asset’s price and break the present impasse. In contrast to its peers, XRP has experienced a decline of about 9.36% over the last month, highlighting the severity of the present downturn.
Right now, XRP’s biggest comeback wager is dependent on how it correlates with Bitcoin (BTC). Based on this, the positive trigger XRP requires might be secured, driving up the price, should the much awaited spot Bitcoin Exchange Traded Fund (ETF) product be approved by the US Securities and Exchange Commission (SEC) at any point starting today.
Expectations are still high even if there are new approval problems with the spot Bitcoin ETF product. It’s unclear if the SEC will stick to its deadline for approving the product this week in light of the hacking of its official X account earlier this week.
One of the major winners, if and when the permission is granted, is XRP.
XRP ETF sentiment brewing
If the approval of the spot Bitcoin ETF is approved, this might signal the beginning of yet another significant change in the business as it could open the door for the introduction of similar spot crypto ETFs.
Talk about XRP spot ETFs with fictitious files connected to BlackRock’s manipulation of the market in November of last year is becoming more widespread. In the end, the possibility of a more optimistic future than anticipated might arise from the introduction of a Bitcoin ETF.
