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The price of XRP has been a source of concern for many in the community as it has maintained a relative stagnancy for a long time. At the time of writing, the digital currency has dropped by an additional 10.83% in the trailing seven-day period to $0.5659. While XRP’s price is currently seeing a marginal growth of 0.63% in the past 24 hours, its fundamental outlook appears bearish and demands a swift revival.
Plotting XRP recovery: Bitcoin ETF influence
There is hardly any major fundamental within the XRP ecosystem that can turbocharge the price of the asset and help it beat its current stalemate. Unlike its peers, XRP has dropped by more than 9.36% in the past month, underscoring how deep the current drawdown it is experiencing is.
XRP’s major bet for recovery at this time now hinges on its correlation with Bitcoin (BTC). Based on this, should the highly anticipated spot Bitcoin Exchange Traded Fund (ETF) product get approved by the United States Securities and Exchange Commission (SEC) anytime from today, the bullish catalyst XRP needs may be secured, sending the price higher.
While there are fresh approval concerns regarding the spot Bitcoin ETF product, anticipation is still high. The official X account of the SEC was compromised earlier this week, casting doubts on whether the regulator will still adhere to the timeline to approve the product this week.
If and when the approval comes, XRP is poised to be one of the biggest beneficiaries.
XRP ETF sentiment brewing
Should the spot Bitcoin ETF approval be granted, it might spell another major shift in the industry as it could pave the way for other related spot crypto ETFs to enter the market.
There is growing chatter about XRP spot ETFs with fake filings linked to BlackRock riling the market in November last year. Ultimately, the emergence of an Bitcoin ETF may create a more bullish future than currently envisaged.
Source: https://u.today/xrp-may-reverse-bearish-course-if-this-key-event-plays-out