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Crazy $3 Trillion XRP Market Cap Course Charted as Ripple CEO Calls XRP ETF “Inevitable” ⋆ ZyCrypto
Investors have long anticipated a breakout in XRP, especially with market trends and the regulatory outlook tilting in its favor. A leading analyst has made an optimistic case for the XRP market cap to reach an incredible $3 trillion in the next phase of the cycle.
This comes as Ripple CEO Brad Garlinghouse remains confident that XRP could be the next altcoin to get its own spot exchange-traded fund (ETF) in the United States.
XRP, Solana and ADA ETFs are inevitable: Brad Garlinghouse
Ripple boss Brad Garlinghouse predicts that more crypto exchange-traded funds will arrive, following the green light of Bitcoin (BTC) spot ETFs and the positive progress of those created to directly hold Ethereum (ETH).
Speaking on stage at Consensus 2024 in Austin, Garlinghouse predicted the inevitable approval of XRP, Solana (SOL) and Cardano (ADA). “I think it’s just a matter of time, and it’s inevitable that there will be an XRP ETF, there will be a Solana ETF, there will be a Cardano ETF, and that’s great,” he said. -he affirmed.
In a notable policy shift, the U.S. Securities and Exchange Commission gave the regulatory blessing to several spot ether ETFs, propelling the price of the underlying crypto to the highest level since March. After the approval of the Forms 19b-4 on May 23, the only remaining step is for the S-1 registration statements to become effective before negotiations can finally begin.
The SEC has reportedly asked potential issuers to submit their proposed S-1 filing by May 31. The SEC will then issue its first round of comments, which will result in additional changes. Notably, VanEck submitted a revised Form S-1 the same day the first key documents were approved. BlackRock followed on May 30 developer that his ETH ETF would be endowed with 10 million dollars.
The White Channel: XRP’s galactic journey to a $3 trillion market cap
Meanwhile, XRP appears to be on the verge of a parabolic breakout, as the crypto expects a massive move before November based on a confluence of technical factors.
Analyst Egrag Crypto has highlighted an ascending channel pattern known as the “white channel”, within which the XRP market cap has been trading since 2017. This is a historically reliable indicator of the price evolution. Once the market value of XRP sustainably crosses the channel, the crypto could experience an astronomical surge to a market capitalization of $3 trillion.
XRP currently has a market capitalization of $28.6 billion. According to pseudonymous analyst Egrag Crypto, even reaching the top of the White Channel would result in a market capitalization of almost $290 billion, a considerable jump from its current level.
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#XRP Stock market cap at $3T!!! 🚀 – THE WHITE CANAL
Once #XRP MC comes out of “The White Channel”, we’re looking at a $3 trillion market cap! 🌙✨
The midpoint of the channel is $100 billion and the high end reaches $287 billion. It’s here that #XRP MC will propel itself like a rocket! 🚀💥… pic.twitter.com/QOXsyGDO2k
– CRYPTO EGRAG (@egragcrypto) May 28, 2024
He believes that this is when the market value of XRP will rocket like a rocket, which could eventually trigger unprecedented growth for the digital currency. Notably, reaching a market cap of $3 trillion would mean that XRP would dethrone market Goliaths like Ethereum and Bitcoin.
Meanwhile, XRP price is currently in a tug-of-war between bulls and bears, indicating a lack of aggressive buying or selling from traders. The token is currently trading at $0.517, according to CoinGecko.