- XRP experienced a price surge, reaching $0.51, influenced by BlackRock’s Bitcoin ETF news.
- Rumors later debunked by BlackRock resulted in BTC and altcoin price adjustments.
- XRP, like other altcoins, mirrored Bitcoin’s price trajectory after the news.
In the ever-evolving crypto landscape, Ripple’s affiliated XRP recently witnessed a notable price surge, bolstering its value by 3.35% and momentarily reaching the $0.51 mark. This leap was short-lived as the coin retraced, only to gear up for another ascent.
Currently, XRP trades at $0.497. But what sparked this volatility? The catalyst was a buzzing piece of news: the alleged approval of the iShares Bitcoin spot ETF by the American securities regulator, filed by the colossal fund manager, BlackRock.
As this news permeated the crypto sphere, both through dedicated crypto outlets and major platforms like Reuters and Bloomberg Terminal, Bitcoin’s price skyrocketed by 10%. Yet, BlackRock was quick to dispel the rumors, clarifying that their BTC ETF proposal remains under the meticulous scrutiny of the regulator, chaired by Gary Gensler, a figure drawing the ire of many in the crypto world. This clarification nudged Bitcoin back to a lower valuation.
It’s imperative to note that XRP wasn’t the sole crypto affected. Other altcoins, including stalwarts like ETH, SOL, ADA, and DOGE, traced similar price movements in response to the Bitcoin ETF news.
Looking ahead, while the crypto market remains unpredictable, the future for XRP in the crypto industry gleams brightly. With its robust technology and growing adoption, Ripple’s XRP remains a promising asset for both short-term traders and long-term investors.
