XRP Surges As Wider Crypto Market Remains Flat. Why Is It Up Today?

The price of the native token of the XRP Ledger is up more than 6% over the last 24-hour period while most other major cryptocurrencies are relatively flat, with bitcoin being up around 0.5%, ether moving up just 0.07%, and BNB even dropping 0.4%

XRP is outperforming the wider cryptocurrency market over various factors including a recent report from JPMorgan suggesting that a spot exchange-traded fund (ETF) offering exposure to the cryptocurrency could draw in billions of dollars from investors.

The report helped the price of XRP rise, as investor optimism surrounding the potential launch of such an ETF has been steadily growing over time. The cryptocurrency’s rise saw it hit a $2.89 high before enduring a slight correction to now trade at $2.745.

XRP price chart via CCData.

XRP, as most digital assets, started surging on expectations of a more crypto-friendly regulatory environment under President-elect Donald Trump’s administration. Anticipated policy shifts, including the establishment of a strategic Bitcoin reserve and the appointment of Paul Atkins as head of the SEC, have boosted investor confidence

Atkins, is worth noting, is seen as a crypto-friendly figure to head the regulator, which has been embroiled in a legal battle with Ripple — a major player in the XRP ecosystem — over the firm’s XRP sales.

Trump’s pro-crypto stance has seen many speculate that XRP could soon see the launch of a spot ETF offering exposure to it. Several companies have already filed for spot XRP ETFs, including Bitwise, Canary Capital, WisdomTree, and 21Shares. Ripple’s CEO Brad Garlinghouse has suggested such a fund is “just inevitable.”

Featured image via Pexels.