XRP's price has successfully rebounded after a recent sharp decline, once again drawing the attention of major investors and the market. As of April 8th (local time), XRP's price momentarily soared to over $1.90. This movement is interpreted as being driven by multiple positive news and future prospects.
The launch of the first XRP-based Exchange Traded Fund (ETF) in the United States caught market attention. Asset management firm Teucrium Investment Advisors officially announced the 'Teucrium 2x Longing Daily XRP ETF (ticker: XXRP)' with a 2x leverage structure and secured approval from the New York Stock Exchange. This fund aims to target twice the daily price movement of XRP, focusing on investors expecting strong short-term price increases. The company clearly warned that while the product could impact the demand for Ripple's global remittance Token, the expansion of usage is not guaranteed.
Another notable issue is the potential collaboration with Cardano. Ripple posted a short video on X (formerly Twitter) suggesting that tokenization will lead the future of global finance, with Cardano's logo mentioned at the beginning of the video, sparking speculation about a partnership. Following the friendly remarks between Brad Garlinghouse, Ripple's CEO, and Charles Hoskinson, Cardano's founder, late last year, there have been hints that Cardano might integrate Ripple's stablecoin RLUSD into its ecosystem.
XRP's price dropped to around $1.65 during the market-wide decline earlier this week but has since rebounded and is currently hovering around $1.87. Some analysts are forecasting a continuation of the short-term upward trend. An analyst under the pseudonym 'CRYPTOWZRD' assessed that if XRP breaks through the $2 resistance line, it could rise to the $2.80 range, while also suggesting it could fall to the $1.5160 area if Bitcoin's negative trend continues. Another analyst, 'Crazy Buddha', analyzed the current weakness as an adjustment for a bullish reversal, explaining that XRP is forming a turning point while showing a triangular convergence pattern.
Meanwhile, a large-scale asset movement has increased market volatility. According to blockchain analysis platform 'Whale Alert', an anonymous large investor transferred 200 million XRP (approximately 37 billion won) to Binance within the past few hours. This large-scale movement could lead to increased short-term selling pressure.
In this context, major asset managers like Grayscale, Bitwise, and Franklin Templeton preparing to launch spot-based XRP ETFs in the United States are also acting as positive signals. While negotiations with regulatory agencies are crucial, there are growing expectations that Teucrium's initiative could set a precedent.
Despite the consecutive positive issues related to Ripple, XRP's future price is expected to continue to be influenced by global macroeconomic events, including BTC price trends and traditional financial market risk factors.
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