After several days of sideways movement, XRP and the broader crypto market are seeing fresh bullish sentiment.
However, XRP’s price action has particularly stood out as it is currently the best gainer among the top-ranking crypto assets. Specifically, today, XRP has advanced from $2.42 to an intraday high of $2.76, marking a 14% gain so far.
Meanwhile, Bitcoin and Ethereum are up only by 1% within this timeframe, while Solana has seen a 4% gain. Others like BNB and Tron are even trading in the red.
Chart showing XRP outperforms Bitcoin and Ethereum | CoinMarketCap
Notably, XRP is performing better today following ongoing community excitement about two key regulatory developments.
Two Key Reasons for XRP Pump
The main event has been the SEC’s recognition of the NYSE’s 19b-4 filing for Grayscale XRP ETF. The regulator published its notice of acknowledgment on Thursday, and excitement has swept the XRP community as they weigh in on its significance.
Notably, the acknowledgment marks a significant milestone for XRP, as it opens the path to potential approval. Although the recognition of the XRP ETF filing does not mean approval, it merely confirms that the regulator has signaled it would entertain the proposal.
Previously, the SEC had rejected altcoin ETF applications, as seen in the initial Solana case. Public commentators have attributed the latest turnaround to the new officials managing the SEC’s affairs. Specifically, the SEC, under Acting Chair Mark Uyeda, has shown more openness to crypto-based initiatives.
Meanwhile, the second factor contributing to XRP’s price performance follows ongoing speculations that the SEC could be preparing to drop the Ripple lawsuit, bringing an ultimate end to the four-year legal battle. The XRP community sees the SEC’s acknowledgment of the XRP ETF as further signs that a settlement is on the horizon.
Previously, Bloomberg analysts gave the XRP ETF approval a 65% chance of success, citing that the regulator did not view XRP as a commodity and referencing the Ripple lawsuit. At the time, the SEC had not yet acknowledged the XRP ETF filing.
However, with the latest developments, the analysts have acknowledged that the odds of approval have improved.
Ripple Partnership News
On the partnership front, earlier this week, Ripple disclosed a new collaboration with the largest currency exchanger in Portugal. Many view this as further adoption of XRP, which improves market sentiment around it.
Additionally, last week, Japan’s SBI Remit expanded its international remittance service in partnership with SBI Shinsei Bank. Notably, Japan’s SBI Remit uses XRP for cross-border payments in certain corridors.
