With all eyes on a potential breakout for the cryptocurrency, Ripple (XRP) could be preparing for a $1 surge amid the ongoing ETF hype. Not only has Ethereum received Spot ETF approval this week, but there is talk about XRP being a potential candidate to get similar investment products.
Ripple has failed to build any notable momentum for the last several months. Indeed, XRP has failed to break away from the $0.52 level it currently finds itself. Moreover, the asset has increased only 5% over the last month, according to CoinMarketCap.
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Could Ripple Target $1 as ETF Hype Grows?
Throughout 2024, crypto-based ETFs have become a dominant point of discussion for the finance sector. The presence of Spot Bitcoin ETFs and Ethereum’s iteration receiving approval has drawn immense discourse. That hype has increased the overall exposure of the industry and led many to seek out what assets could be next.
Both of those facets could be great for one asset in particular, as Ripple could be preparing for a $1 surge amid the ongoing ETF hype. Not only is XRP a popular candidate for an ETF, but it could benefit alongside a surging market when Ethereum’s Spot ETF finally goes live.
According to one analyst, $1 is certainly a target price for the cryptocurrency. Specifically, EGRAG Crypto took to X (formerly Twitter) to share his expectation that XRP could surge to $1.50. Indeed, the analyst predicts a “White Trianlge” breakout to propel the asset to the forecasted heights.
Also Read: Ripple: Expert Predicts A White Triangle Peak For XRP To $1.5 Next Week
That is certainly an optimistic approach, but there is merit to the perspective. Currently, the asset’s lack of movement since the start of the year is a reason to be concerned. The largest unanswered question right now is regarding the company’s ongoing lawsuit with the US Securities and Exchange Commission (SEC).
A conclusion has long been expected for the second half of 2024. If that does come to fruition, it could give the asset the necessary momentum to surge through the $0.55 mark. However, until that takes place, it is difficult to justify a direct prediction of XRP surging to $1.50.
Its lack of movement following Bitcoin’s MArch surge is a solid bet that the asset won’t react tremendously to Etheruem’s approval. However, the conclusion to the SEC lawsuit, XRP’s sTablecoin, and its own ETF talks could be reason enough to skyrocket the value.