- Ripple aims to raise $1 billion to buy XRP.
- The SEC is preparing to approve the first spot XRP ETF soon.
- These moves point to the price of XRP hitting new ATHs soon.
With the crypto market and community anxiously anticipating another major price drop to 5-digit BTC prices, analysts are looking to map when a promising altcoin could surge and possibly trigger altseason. Presently, Ripple’s XRP stands as a top option. AT the moment, Ripple aims to raise $1 billion to buy XRP just as the SEC prepares to approve the first-ever spot XRP ETF soon.
Ripple Aims to Raise $1 Billion to Buy XRP
Ripple and XRP have been some of the most highly reputed crypto projects and assets in the space. Ever since its debut, Ripple’s XRP was expected to become one of the most valued assets in the crypto space. This eventuality was delayed nearly two cycles dude to the lack of support and clarity from the SEC, which led to the price of XRP falling and missing almost two cycle bull runs.
The philosophy of Ripple is to simplify and make large global transactions occur instantly and in a cost-effective fashion. To deliver this dream, Ripple has partnered with nearly every banking entity in the world alongside reputed and globally affiliated financial entities and firms across multiple nations. According to many, the price of XRP will pump suddenly and at an exponential rate.
Presently, there are several new factors that point to the inevitability of the price of XRP hitting new ATH prices. At the moment, these ATH targets for Ripple’s XRP range from $6 to $27, and even more highly bullish targets in the 3-digit price range. As for what could drive the price of XRP to such high targets, one factor could be that the SEC is nearing its likely approval of the first-ever spot XRP ETFs.
As we can see from the post above, XRP ETF approval could arrive between October 18 and 25. The analyst who shared the post believes that the price of XRP hitting $5 after the launch of the XRP ETF would not be a far-fetched target. After all, when BTC and ETH ETFs were approved earlier this bull cycle, expectations for both assets were high, and both assets went on to set new ATH targets.
SEC Prepares to Approve First Spot XRP ETF
Another bullish factor that points to an exponential price explosion for the price of Ripple’s XRP in the coming days ahead is the fact that Ripple Labs announced that it is leading an effort to raise $1 billion to accumulate XRP in a new digital-asset treasury through a SPAC. The fact that the entity is working towards accumulating more XRP bodes very well for the future value of the promising altcoin.