In recent days, Ripple (XRP) has seen significant developments that are impacting both its market dynamics and future prospects. Here, we delve into these happenings and analyze the latest price trends of the native token.
The U.S. is set to debut its first XRP ETF, launched by Teucrium Investment Advisors. Titled the Teucrium 2x Long Daily XRP ETF (ticker: XXRP), this investment tool has received the necessary approval from the New York Stock Exchange and is projected to commence operations today (April 8).
The ETF is a 2x leveraged product, giving traders twice the daily price movement of the underlying asset. Teucrium stated that this ETF is ideal for investors with a “strong, short-term perspective on XRP prices.” However, the firm cautioned that increased usage is not a guarantee, and a decrease could lead to heightened volatility or a drop in XRP’s price, negatively impacting the fund.
Investors are now anticipating the launch of a spot XRP ETF in the U.S., with several companies, including Grayscale, Bitwise, 21Shares, Franklin Templeton, among others expressing interest.
Speculations of a potential partnership with Cardano have been sparked by a recent Ripple video on X, suggesting that tokenization could revolutionize global finance in the coming years. The video included a brief appearance of Cardano’s logo, fuelling rumors of a possible collaboration. This is not the first time such speculation has arisen. Ripple CEO Brad Garlinghouse and Cardano founder Charles Hoskinson have previously exchanged pleasantries, with Hoskinson hinting at a possible integration of Ripple’s stablecoin, RLUSD, into Cardano’s system.
In terms of price, the native token of Ripple suffered a significant drop earlier this week, falling to around $1.65, a level last seen in November 2024. However, the price has since recovered and is currently hovering around $1.87, according to CoinGecko’s data. Analysts have varying predictions for the short term, with some anticipating a rally to $2.80 if the $2 resistance level is broken. However, continued market volatility driven by Bitcoin could see XRP drop to the $1.5160 support level.
In other news, an anonymous large-scale investor recently transferred 200 million XRP (valued at over $370 million) to Binance, a move often indicative of an impending cash-out, which could increase selling pressure and negatively affect the asset’s price.
