Key Takeaways:
- XRP’s price surge is imminent, following bullish patterns and whale accumulation.
- Bitwise Asset Management rebrands its European XRP ETP with Ripple’s backing.
- XRP’s real-world use cases and institutional support bolster its value.
XRP’s price movement has been gaining traction, and experts agree that a jump to $2 is just the beginning. With bullish chart patterns forming and whales quietly accumulating XRP, the market is ripe for a significant upside.
The momentum is picking up with the cooling of MACD and the RSI resting at neutral levels; this might suggest that in any moment, the price of XRP might break out.
Analysts are targeting $1.60 as the key resistance beyond which there’s little to prevent XRP from reaching $2. With the broader market sentiment now turning positive, FOMO will likely start to kick in and drive the price of XRP even higher.
Targets could even be as high as within the $8 to $20 range, provided long-term bullish patterns solidify. The fact that XRP is increasingly being used on the XRP Ledger, especially in use cases related to cross-border remittances and tokenization, forms a very strong foundation for its potential to reach these levels.
Bitwise Rebrands European XRP ETP
A major announcement from Bitwise Asset Management further cements the bullish sentiment for XRP. The company has rebranded its European XRP exchange-traded product, GXRP, to the Bitwise Physical XRP ETP. This move comes in conjunction with Ripple’s commitment to invest in the product, which now exposes European investors to XRP in a 100% physically backed format.
Bitwise Chief Executive Officer Hunter Horsley noted the rich history of XRP’s reliability and trust within the crypto ecosystem, along with continued function and institutional use case development on the XRP Ledger. This was considered a key step in increasing XRP accessibility for institutional and retail investors.
Ripple and Bitwise Strengthen Institutional Crypto Investment
Ripple’s CEO Brad Garlinghouse commented on the growing global demand for crypto-backed investment products. He said:
With the U.S. regulatory environment for crypto finally becoming more clear, this trend is poised to accelerate, further driving demand for crypto ETPs, such as the Bitwise Physical XRP ETP.
Support by Ripple for the rebranded product cements XRP’s position as one resilient, utility-driven digital asset and further cornerstone of crypto investment.
Bitwise is continuing its strategic expansion in Europe with the company having just surpassed $10 billion in total client assets. The acquisition of ETC Group and the planned launch of more institutional-grade crypto ETPs are a testament to the commitment of the firm to growing its crypto product suite.
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