XRP is set to jump 65% as it accelerates towards its all-time high amid a cascade of new Wall Street products, according to Lawrence Samantha, chief executive of crypto platform NOBI.
The $133 billion cryptocurrency has “a clear path to a significant climb” which “is a testament to its structural market shift.” he told DL News. “With financial firms now exploring XRP, we see that there is a chance of it reaching its old record high.”
Samantha added that the capital inflows, regulatory clarity, and multiple spot exchange-traded funds launches show that “the institutional demand is very much there.”
Other investors have told DL News that XRP’s price is well positioned to surge by as much as 21% to $2.75.
To be sure, XRP’s price is currently down 40% from its July all-time high of $3.65, trading at $2.20.
But the Ripple-linked crypto is still up 50% on the year, outperforming Bitcoin and Ethereum in the same timeframe. For perspective, crypto’s total market value is 30% down from its October high.
ETFs and tailwinds
Spot ETFs linked to the fourth-largest cryptocurrency have attracted $644 million in investment in November across a growing roster of US funds, according to SoSoValue.
That contrasts sharply with the $3.5 billion in selling recorded by Bitcoin ETFs and the $1.5 billion in offloading seen in Ethereum funds over the same period, DefiLlama data shows.
Franklin Templeton and Grayscale launched their spot XRP ETFs on Monday, joining Bitwise’s product that began trading earlier in the month.
Franklin Templeton described its new XRPZ EFF as a “regulated way to access a digital asset that plays a foundational role in global settlement infrastructure.”
Macro conditions are also adding fuel to the crypto rally as traders expect easing financial conditions.
San Francisco Fed chief Mary Daly said supports lowering rates at the next meeting, while Governor Stephen Miran calls for “large interest-rate cuts.”
The CME FedWatch tool assigns roughly 85% odds to a 0.25% interest rate reduction in December, with Polymarket bettors placing the probability at 87%.
The Federal Open Market Committee meets on December 9 and 10.
Crypto market movers
Bitcoin is down 0.3% over the past 24 hours, trading at $91,100.
Ethereum is trading sideways over the past 24 hours at $3,030.
