XRP Price Poised for a Notable Rebound, Say Traders
This week, XRP’s price remained steady as Bitcoin hit new highs. Though, traders on Polymarket believe this stability is just the beginning. They predict a strong rebound for XRP by the end of the year.
On Friday, May 23, XRP was valued at $2.4, marking a 50% increase from its april low. Traders are optimistic that XRP could reach its all-time high of $3.3517 by year-end.This would require a 40% price jump. The odds of this happening rose to 46% on Friday, up from 24% on May 1.
Several factors could drive XRP’s price up. The most significant is the potential approval of spot XRP ETFs by the Securities and Exchange Commission. Approval of several spot XRP etfs is expected later this year, with odds at 85% on Polymarket.
JPMorgan predicts these ETFs could attract over $8 billion in their frist year. The recently approved XXRP leveraged ETF has already amassed over $121 million in assets.
Another potential boost comes from Ripple Labs’ talks to acquire Circle, the creator of USD Coin. If successful, Ripple would become the second-largest stablecoin operator after Tether.
Technical analysis also supports a price surge. XRP has stayed above the 50-week Exponential Moving Average since November. It’s also above the key support at $1.9798. These factors suggest XRP could hit $3.72, surpassing its all-time high.
