Bitrue has triggered speculation regarding the price of XRP in the eventual U.S. endorsement of crypto ETF.
Recently, the pro-XRP trading outlet Bitrue took to social media platform X to engage the crypto community. The exchange sought opinions on the expected price target for XRP, particularly in the event of approval for the pending Bitcoin spot exchange-traded fund (ETF).
The exchange was interested in gathering market participants’ projections under this specific scenario.
“What do you think the price of XRP will be after the ETFs are approved,” Bitrue tweeted.
What do you think the price of $XRP will be after the ETFs are approved?
— Bitrue (@BitrueOfficial) January 9, 2024
Crypto Community Reacts
Certain commenters offered muted perspectives, suggesting that XRP might maintain its current status. One perspective suggested that significant changes may not occur, anticipating that XRP will range from low to mid $0.6.
Another viewpoint regards XRP as a stablecoin. This commenter asserted that older large-cap assets will likely maintain their positions without significant upward price movements.
Besides, a similar opinion anticipates a potential crash to support levels in the high $0.30 to low $0.40. Additionally, this commenter noted that the XRP could move upward toward the $1 range after hitting the support.
In contrast, others highlighted specific bullish scenarios as potential outcomes for the cryptocurrency following the Bitcoin spot ETF launch.
For instance, xSTIK admin Brett Hill argued XRP would go on to surpass its all-time high. XRP peaked at around $3.84 in 2028.
Past all time high! #XRP https://t.co/T8zI0EOXXS
— Brett Hill (@Brett_Crypto_X) January 9, 2024
XRP to $50?
In a separate comment, another individual drew a parallel with Bitcoin’s recent performance. They noted that BTC reached $47k without undergoing its halving yet. This led to the speculation that XRP could reach $50 “at least by the end of 2024.”
Notably, XRP hitting $50 this year means the asset must grow 8,745%. While this scenario cannot be completely dismissed, other projections within the community indicate that achieving such a significant increase may require a longer timeframe.
Ultimately, the crypto community braces for the U.S. regulator’s decision on Bitcoin spot ETFs tomorrow, January 10. Intending ETF issuers have submitted amended Form S-1 registration statements, hoping to be included in the inaugural approvals expected to be announced on Wednesday.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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