XRP could be on the verge of a major milestone this week.
XRP (XRP 0.21%) has seen a lot of volatility lately. While the cryptocurrency’s token price is still up roughly 23% year to date, it’s also down 29% from its high — and more big valuation swings could be imminent.
Some XRP investors have been betting that exchange-traded funds (ETFs) centered around the token will go live in 2025, and decisive news on that front may be rapidly approaching. Based on recent filings, it looks like the Canary Capital Spot XRP ETF could go live on the market as early as Thursday, Nov. 13.
Should investors buy the cryptocurrency ahead of the potential ETF launch?Â
Image source: Getty Images.
At the moment, there seems to be a very high likelihood that spot ETFs will hit the market this month or next month. Along those lines, it’s possible that XRP’s token price could see a significant swell of bullish momentum. With the launch of XRP-based ETFs, it’s reasonable to expect that there will be purchasing action to supply the funds, and that the newly launched funds could attract significant interest from investors.
Today’s Change
(-0.21%) $-0.00
Current Price
$2.39
Key Data Points
Market Cap
$143B
Day’s Range
$2.32 – $2.45
52wk Range
$0.60 – $3.65
Volume
4.4B
Avg Vol
0
Gross Margin
0.00%
Dividend Yield
N/A
On the other hand, the high likelihood that spot ETFs for XRP will be approved in the near future also means that such an outcome may already be largely priced into the token. In general, the regulatory environment appears to be evolving in directions that are favorable for the cryptocurrency market.
The launch of XRP-based ETFs will make the cryptocurrency increasingly accessible through a wider range of purchasing avenues and can reasonably be expected to create catalysts that increase purchasing action. That doesn’t necessarily mean that XRP’s token price will surge in the short term or over the long term. But improving regulatory dynamics and the launches of exchange-traded funds built around the token are bullish developments for buy-and-hold investors.
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends XRP. The Motley Fool has a disclosure policy.
