Investors have been long anticipating a breakout from XRP, especially with the market trends and regulatory outlook swinging in its favor. One top analyst has made a bullish case for the market capitalization of XRP to blast to an astounding $3 trillion in the next cycle phase.
This comes as Ripple CEO Brad Garlinghouse remains convinced that XRP could be the next altcoin to get its own spot exchange-traded fund (ETF) in the U.S.
XRP, Solana, ADA ETFs Are Inevitable: Brad Garlinghouse
Ripple boss Brad Garlinghouse predicts that more crypto exchange-traded funds are coming, following the greenlighting of spot Bitcoin (BTC) ETFs and positive progress on ones created to hold Ethereum (ETH) directly.
Speaking on stage at Consensus 2024 in Austin, Garlinghouse predicted the inevitable approval of XRP, Solana (SOL), and Cardano (ADA) ETFs. “I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great,” he posited.
In a remarkable policy change, the U.S. Securities and Exchange Commission gave the regulatory blessing to several spot ether ETFs, propelling the price of the underlying crypto to the highest level since March. Following the approval of the 19b-4 forms on May 23, the only remaining step is for the S-1 registration statements to become effective before trading can finally commence.
The SEC has reportedly asked would-be issuers to submit their draft S-1 filings by May 31. The SEC will then deliver its first round of comments, which will result in additional amendments. Notably, VanEck handed in a revised S-1 form on the same day the initial key filings were approved. BlackRock followed on May 30, revealing that its ETH ETF would be seeded with $10 million.
The White Channel: XRP’s Galactic Voyage To A $3 Trillion Market Cap
Meanwhile, XRP appears to be on the brink of a parabolic breakout as the crypto expects a massive move before November based on a confluence of technical factors.
Analyst Egrag Crypto highlighted an ascending channel pattern known as “the White Channel,” within which the XRP market cap has traded since 2017. This is a historically reliable indicator of price movement. Once the XRP market value sustainably breaches the channel, the crypto could enjoy an astronomical flight to a $3 trillion market cap.
XRP currently boasts a $28.6 billion market cap. According to pseudonymous analyst Egrag Crypto, even reaching the top of the White Channel would translate to a market cap of nearly $290 billion, a considerable leap from its current level.
#XRP Market CAP to $3T!!!
– THE WHITE CHANNEL
Once #XRP MC blasts out of “The White Channel,” we’re looking at a moonshot to a $3T market cap!
The mid-point of the channel is $100B, and the high end reaches $287B. This is where #XRP MC will propel like a rocket!
… pic.twitter.com/QOXsyGDO2k
— EGRAG CRYPTO (@egragcrypto) May 28, 2024
He believes this is the point where XRP’s market value will propel like a rocket, possibly kickstarting unprecedented growth for the digital currency. Notably, attaining a $3 trillion market cap would mean XRP dethrones market Goliaths like Ethereum and Bitcoin.
Meanwhile, the price of XRP is currently in a tug-of-war between the bulls and bears, indicating a lack of aggressive buying or selling by the traders. The token is currently trading for $0.517, according to CoinGecko.
