3 Possible Reasons Behind Ripple’s (XRP) 15% Surge Past $1.6
The post 3 Possible Reasons Behind Ripple’s (XRP) 15% Surge Past $1.6 appeared on BitcoinEthereumNews.com.
Ripple’s native token has been among the best performers in the crypto market in the past few days, surging by over 60% since last Saturday. Despite retracing below $1.6, it reached that level for the first time since May of 2021. Here are some of the possible reasons behind this impressive increase. XRPUSD. Source: TradingView WisdomTree’s Ripple ETP The Europe-based crypto asset manager WisdomTree has launched its latest exchange-traded product tracking the performance of a certain cryptocurrency, this time Ripple’s XRP. The announcement reads that the WisdomTree Physical XRP ETP, with the ticker WXRP, is already live for trading on SIX Swiss exchange in USD and Swiss francs, on Euronext Amsterdam in USD, and on Xetra and Euronext Paris in euros. “With risk-on sentiment building, altcoin exposures like XRP could outperform a standard bitcoin and ether allocation. XRP can sit alongside these mega caps in a multi-asset portfolio and reduce investors’ exposure to a single token. Cryptocurrencies represent more than 1 per cent of the market portfolio, and should, therefore, be a component of a well-rounded investment strategy. As an asset class with low correlation to traditional asset classes, crypto can help enhance diversification and potentially improve risk-adjusted returns in a multi-asset portfolio.” – Commented the company’s Digital Assets Research Director, Dovile Silenskyte. Gensler’s Exit Perhaps the most valid reason behind XRP’s increase to over $1.6 earlier today is the hype by Gary Gensler’s announcement from Thursday evening. At the time, the current SEC chair said he would leave his position on the day the president-elect, Donald Trump, is inaugurated on January 20, 2025. Although the move was expected, given Trump’s previous promise to fire Gensler on day 1 and the fact that SEC chairs have typically left their positions after a change in the presidency, it still sent shockwaves…
Filed under: News - @ November 23, 2024 6:24 am