- XRP surged to $2.36 in April, driven by optimism over potential Futures and spot ETFs, while ongoing legal developments with the SEC also play a key role.
- Meanwhile, Bitcoin climbed to $95,000, bolstered by MicroStrategy’s massive BTC purchase and growing retail confidence.
XRP saw a significant rise to $2.3620 in late April, fueled by growing optimism surrounding the potential launch of Futures and spot ETFs. This bullish movement outpaced the broader cryptocurrency market, which experienced a 1.88% surge, while the total market cap touched $2.93 trillion. XRP’s rally comes at a time when investors are eagerly anticipating the eventual approval of XRP spot ETFs by the SEC.
XRP’s ETF Rally and Legal Developments
On April 28, reports from Bloomberg Intelligence’s ETF analyst, James Seyffart, clarified that while ProShares won’t launch XRP Futures ETFs on April 30 as initially expected, the excitement surrounding future launches remains strong. The market continues to speculate that these products could be approved in the short term, driving XRP’s price upwards.
Furthermore, several companies, including 21Shares, Bitwise, and Grayscale, have pending applications for XRP-spot ETFs. While the SEC’s decision might take until late 2025, the approval odds remain favorable, with analysts pointing to a 78% chance of a spot ETF by December 2025. The real game-changer, however, lies in the ongoing Ripple-SEC legal saga. If the SEC withdraws its appeal against Ripple, it could lead to the much-awaited XRP spot ETF approval.
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MicroStrategy’s Bitcoin Purchases Push BTC Higher
Meanwhile, Bitcoin also experienced a boost, hitting $95,000, driven by MicroStrategy’s massive Bitcoin acquisition. The company purchased 15,355 BTC for around $1.42 billion, pushing its total holdings to over half a million BTC. This surge in BTC sentiment was further fueled by strong retail confidence, with more traders predicting a higher BTC price.
Despite some outflows from US BTC-spot ETFs, MicroStrategy’s purchases and growing institutional interest have offset these losses, suggesting sustained bullish momentum for BTC.
The Road Ahead for XRP and BTC
XRP’s near-term price outlook hinges on several key factors, including progress in Ripple’s legal battle, developments in the ETF approval process, and broader market conditions such as Federal Reserve policies and US-China trade relations. Should XRP break past $2.50, it could eye its all-time high of $3.55.
For Bitcoin, catalysts like the proposed Bitcoin Act could fuel a major rally, potentially propelling the leading cryptocurrency even higher. As both XRP and BTC soar, the market is watching closely to see how legal and regulatory developments shape the future of these digital assets.
