XRP price has seen an impressive 7% rise in the past 24 hours and is now trading at $2.46. This jump has followed a ‘recovery week’ pattern where the altcoin was able to gain 28% in value from a low of $1.90 to above $2.46.
This rally is driven by the latest updates on Ripple’s communication with the U.S. Securities and Exchange Commission (SEC) and increasing expectations of the altcoin ETFs.
It is a major development that the SEC is participating in negotiations with Ripple; however, the market experts think that it is a breakthrough that XRP may be recognized as a commodity.
If the SEC officially recognizes XRP as a commodity like Bitcoin and Ethereum, legal issues related to Ripple could be resolved, and more institutions can invest in it.
This could open the door to the approval of an XRP ETF, which analysts say could draw huge institutional money, much like Bitcoin ETFs did in 2024.
This highlights that investors are gradually regaining confidence in XRP and its prospects in the market. The altcoin is facing resistance near the $2.99 mark and if it breaks this level, it could go as high as $3.40 which will take its market capitalization to $200 billion.
Analysts are closely observing the further movement of XRP as it strengthens its position on the market. The bulls might push the price higher in the long run and even more so if the SEC recognizes XRP as a commodity and approves an altcoin ETF.
If all these factors come to play, XRP could even reach even higher prices with some experts suggesting that it could hit $3.00 and attract more investors.
