Heres What Could Propel XRP to New All-Time Highs, According to Santiment
Following the Q1 and early April market-wide crash, in which the entire cryptocurrency industry faced enhanced volatility and price collapses, the sentiment has changed as BTC approaches the $100,000 mark once again.
Data from Santiment reveals that the overall market conditions have changed even for the altcoins, many of which struggled to regain traction in the past few months. Now, though, traders seem to be on the greedy side for many alts, including Ripples XRP, which could be on the verge of a renewed rally that could push it above $3 and toward its all-time high again.
At least this is what the crown anticipates, given the hype around the potential approval of Ripple ETFs in the United States. However, cryptocurrencies frequently tend to move in the opposite direction of what the majority expects.
XRP to New ATH?
After the US elections, which brought a lot of excitement in the crypto space due to the inevitable and favorable change in the regulatory landscape, XRP became one of the biggest beneficiaries, perhaps driven by hype that the SEC legal case will finally reach an endpoint.
From November to January, its price exploded multi-fold, going from $0.6 to $3.4. Thus, Ripples token matched its 2018 ATH but failed to breach it. Although the aforementioned lawsuit was indeed announced as settled by Ripples CEO, the effects on the underlying assets price were minimal. In fact, XRP trades now just under its price before Garlinghouses triumphant announcement in mid-March.
With the effects of the lawsuit closure winding down, the community turned its focus on another potential propeller of future gains a Ripple ETF in the US. After the approval of futures-based XRP ETFs earlier this year, many expect a spot one to be right around the corner, with experts suggesting that this could be as early as this summer.
Santiments insights confirmed this narrative, even though the SEC delayed making a decision on Franklin Templetons spot ETF proposal.
[T]he delay hasnt shaken investor optimism. Many believe that, once approved, these ETFs could bring in large amounts of institutional money and push XRP into the financial mainstream.
Still a Bullish Outlook
Although the report said the overall XRP discussion levels have declined in recent months compared to other top altcoins, it noted that the bulls are getting more vocal as compared to the few bears.
Santiments team said the majority within the community supported an overall bullish outlook coming from a technical perspective as well.
With attention growing and more exposure on the way, many in the crypto space see XRP on the edge of a major breakout, conclude the paper.
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