XRP has seen a significant increase in value, trading just above $3.30 with a gain of over 9% in the last 24 hours. This surge comes amid the U.S. government shutdown, which has caused the Securities and Exchange Commission (SEC) to halt all progress on pending spot XRP ETF applications. Analysts believe that the lack of movement is not due to rejection but rather due to the absence of staff available to review or approve filings.
Currently, there are six active XRP ETF proposals from Grayscale, 21Shares, Bitwise, WisdomTree, Canary Capital, and CoinShares. Once the SEC resumes operations, multiple approvals could be issued simultaneously, similar to the wave of Bitcoin ETF approvals earlier this year.
Canary Capital CEO Predicts Record ETF Inflows
In a recent interview with Paul Barron, Steven McClurg, CEO of Canary Capital, reiterated his optimistic outlook for XRP ETFs. Initially predicting $5 billion in inflows within the first month, McClurg now believes that number could reach as high as $10 billion.
“I think it’s a very safe bet,” McClurg stated. He pointed out how the first Bitcoin futures ETF he worked on attracted over $1 billion on its first day, making it one of the top ten ETF launches in history. Given Bitcoin’s achievement of over $3 billion in a single day, he suggested that XRP ETFs could potentially reach $2–3 billion on their first day.
Such substantial inflows could position XRP ETFs among the top 20 ETFs of all time, possibly even entering the top 10, depending on market conditions at launch.
Regulatory Clarity is Key
The future of XRP also relies on regulatory clarity. The SEC and CFTC have commenced joint discussions on crypto oversight, signaling a step towards unified U.S. regulation. Former SEC commissioner Paul Atkins has advocated for an “innovation exemption” to expedite digital asset approvals, a move that could directly benefit XRP.
XRP Price Prediction: What’s Ahead?
Currently, XRP is facing resistance around the $3.10–$3.15 range. Each attempt to surpass this level has been met with resistance, indicating active selling pressure at these levels.
If XRP drops below, the initial key support level is around $2.93–$2.94. Analysts anticipate that a further decline could lead to a retest of the stronger support zone near $2.70–$2.80, a level that has sparked several rebounds in recent months.
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