XRP ETF Expectations Trigger Bullish Optimism, Here’s WHy

Excitement around Ripple has been brewing over the last few days, and this was mostly because of market expectations surrounding XRP ETF.

The U.S Securities and Exchange Commission (SEC) was initially expected to announce its decision on multiple spot XRP ETF applications today (15 September).

The SEC announced that the XRP ETF deadline was extended to October. Optimism around the XRP remained high.

Some analysts have speculated that October will be the month that XRP will make millionaires.

The bullish expectations were mostly courtesy of the XRP ETF deadlines. Speaking of, the SEC is expected to announce its decisions from mid to late October.

The U.S regulator is expected to reveal whether at least 8 companies that filed for ETFs will be given the green light.

They include industry heavyweights such as Bitwise, Canary Capital, Grayscale, and Franklin Templeton, just to name a few.

As per recent XRP news reports, the multiple firms awaiting XRP ETF approvals were expected to act as a gateway for massive institutional spot inflows into the cryptocurrency.

This may explain the heavy bullish expectations, but an immediate rally may not always be the expected outcome.

How High will XRP Price Rally After ETF Approvals?

XRP price rallied above $3 courtesy of last week’s bullish momentum. It has been holding on above that level, but XRP ETF expectations have also triggered aggressive price speculation.

Some outrageous XRP price predictions were brought forth, including predictions that the Ripple-native cryptocurrency could rally as high as $10,000.

However, the high circulating supply meant that a high target was unattainable. One of the most notable and perhaps a $100 XRP price tag was a more plausible prediction

However, this price target may also be a bit on the extreme edge. XRP’s market cap would have to be about $5.9 trillion, which is higher than Bitcoin’s $2.2 trillion.

How Far Will XRP Price Go?

The reality was that nobody knows how far XRP could go by the end of the current cycle. However, aggressive institutional inflows may push it above $5.

Its market cap would have to surpass Ethereum’s current market cap for XRP to achieve a $10 price tag.

Such a target is within the realm of attainability, but it would take robust catalysts aside from just spot ETF inflows.

XRP was still one of the candidates for a U.S crypto reserve which was yet to be confirmed. If announced, then XRP may get yet another major catalyst.

Moreover, Ripple has been strategically aiming to make XRP a key part of the global financial infrastructure. Integration into the global banking systems may offer yet another catalyst for XRP.

Although expectations were mostly bullish, recent data revealed that whales were depositing XRP onto exchanges.

In recent XRP news, Whale deposits onto exchanges did yield a slight bearish impact on price during the weekend. It was worth noting that the price retraced after retesting a short-term descending resistance level.

Whale activity also moved contrary to the recent spike in bullish expectations, suggesting that they were taking advantage to secure exit liquidity.

Ripple Announces Major Security Upgrade for XRP Holders

Ripple recently announced an upcoming major security upgrade, which will involve the deployment of the XLS-86 Firewall.

This upgrade will reportedly be one of the XRP ledger’s biggest upgrades in recent history.

In more XRP news, ledger developers reportedly aimed to use the upgrade to address some of the network’s main vulnerabilities.

This upgrade will reportedly make it harder for malicious actors to execute phishing attacks or initiate unauthorized transactions.

The network upgrade was thus expected to boost security for XRP holders. It was also timely considering that the network has been pushing deeper into the mainstream.