HomeCrypto NewsMarketExpert Says XRP Turn Could Be Fun as BTC Went from $40K to $126K After ETFs

Expert Says XRP Turn Could Be Fun as BTC Went from $40K to $126K After ETFs

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Popular crypto commentator Zach Humphries suggests that XRP is gaining regulatory treatment akin to Bitcoin.

Accordingly, he argues XRP could see growth similar to BTC’s surge following its ETF launch. Humphries shared this perspective amid the imminent launch of the Bitwise XRP ETF (XRP) that has generated significant excitement within the crypto community. 

Bitwise confirmed that its XRP ETF will begin trading today on the NYSE, offering investors direct exposure to the underlying token. 

Amid this, Humphries emphasized the ETF’s importance, noting that XRP is gaining legitimacy and is now receiving regulatory treatment similar to that of Bitcoin and Ethereum. He noted that institutional investors can now access XRP without dealing with the complexities of exchanges or cold storage. 

XRP Could Mirror Bitcoin Rally? 

The pundit also highlighted the potential upside by drawing a parallel to Bitcoin’s market trajectory following the approval of its first spot ETF. 

In the commentary, Humphries noted that Bitcoin traded around $40,000 when the SEC authorized a wave of spot BTC ETFs in January 2024, and later surged to $126,000.

The approval of Bitcoin ETFs unleashed new demand for Bitcoin, enabling institutional capital to flow into BTC through the regulated investment vehicle and ultimately fueling a powerful rally.

Data from CoinMarketCap confirms that Bitcoin hovered around $47,000 when the SEC approved spot ETFs in January 2024. As demand for these products surged, Bitcoin’s price rose sharply. 

The apex crypto continued its rally, eventually reaching $126,000 last month. This represents an increase of 168% from Bitcoin’s price at the time the ETF launched.

Notably, Humphries believes that since Bitcoin’s price nearly tripled following the approval of multiple spot ETFs, XRP could experience similar growth as more spot ETFs tied to the token launch in the U.S. 

“This Will Be Fun” for XRP

He expressed excitement about XRP’s potential to attract institutional interest and replicate the price momentum seen with Bitcoin. “This will be fun,” he said. 

For context, if XRP were to achieve comparable growth of 168%, its price could rise from the current $2.12 to $5.68, a target that many analysts suggest could materialize as early as next year. 

Meanwhile, the Bitwise XRP ETF is set to become the second spot XRP ETF to launch in the United States, following Canary Capital’s fund. After Bitwise’s debut, ETFs from Grayscale, Franklin, and 21Shares are in line to launch this November 24.

DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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