The XRP price (XRP) has gone up by 0.2% in the past 24 hours but trading volumes have nearly tripled for the token after Canada approved the first exchange-traded fund (ETF) for this asset in North America.
The Purpose XRP ETF (XRPP) received the green light from Canadian regulators this week to start offering access to XRP through these instruments and will hit the trading desks tomorrow.
In addition, the Evolve XRP ETF (XRP) will apparently start trading on June 18 as well. Both vehicles will offer exposure to the native asset of the ripple network in both Canadian dollars and United States dollars.
This is a landmark moment for the asset management industry in this region as crypto ETFs are considered the next step to accelerate the adoption of digital assets by institutional investors and retail investors alike.
The approval of an XRP ETF in Canada is a positive step that increases the odds of an upcoming nod from the U.S. Securities and Exchange Commission (SEC) to similar products whose applications have already been submitted.
This favors a bullish XRP price prediction as additional liquidity will flow to the token as more of these investment vehicles are launched.
Looking at the 4-hour chart, XRP has hit a key resistance at $2.33 that has apparently triggered a strong sell-off. The token seems to have entered a stage of consolidation amid the absence of catalysts that could drive its price either higher or lower.
This week will likely be critical for the token’s performance as the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday typically adds some volatility to the markets.
For now, the near-term XRP price prediction could see the token hitting the $2.08 support as the market could go there to raise the necessary liquidity for its next leg up.
Although hitting $1,000 seems unrealistic at the moment, increased adoption of altcoins like XRP by investors across the world will contribute to propelling the price of this cryptocurrency to uncharted territory.
In this case, the next logical stop for the token would be its nearest all-time high like Bitcoin (BTC). For XRP, this means a push to the $3.5 level in the near term.
Like XRP, the best crypto presales of the year like Bitcoin Hyper (HYPER) offer significant upside potential amid their robust practical use cases.
Bitcoin Hyper (HYPER) is a layer-2 scaling protocol for the Bitcoin network that leverages the power, efficiency, and scalability of the Solana blockchain to make asset transfers within the Bitcoin network cheaper and faster.
Through the use of smart contracts, this solution unlocks the huge potential of Bitcoin’s DeFi ecosystem and will also popularize the creation of meme coins in this ecosystem as it will be easier and cheaper to swap these tokens through DEXs built on Bitcoin Hyper.
$HYPER will experience significant demand once the protocol is embraced by top wallets and exchanges. Hence, investors can position themselves favorably to reap the highest returns by buying this token at its discounted presale price of $0.011925.
