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Canary Capital’s XRP ETF made a groundbreaking entrance on Thursday, outpacing its rivals by achieving $58 million in trading volume on its inaugural day, establishing a record for the highest traded ETF launch this year.
This achievement was praised by Bloomberg analyst Eric Balchunas on the social media platform X (formerly Twitter), emphasizing the impressive success of the XRP ETF in the marketplace.
The introduction of the first XRP ETF in the United States earlier today significantly influenced the XRP price, driving it towards the pivotal $2.5 mark. Nevertheless, subsequent market fluctuations experienced a 4% decline, bringing the token’s current trading price down to $2.3.
XRP ETF Prospects
Canary Capital’s CEO, Steven McClur, recently conveyed optimism regarding the potential of an XRP ETF, indicating that it has the potential to eclipse the achievements of Solana (SOL). He underscored XRP’s robust liquidity and worldwide applicability, anticipating a significant influx of institutional investments shortly.
The XRP ETF from Canary Capital has indeed outshined Bitwise’s Solana Staking exchange-traded fund, achieving a trading volume of $57 million, just one million shy of Canary’s fund.
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Analysts project that the endorsement of asset managers such as Franklin Templeton, Bitwise, and Grayscale in the approaching days of November could lure substantial institutional investments ranging from $4 to $8 billion, possibly resulting in a significant price increase due to the low liquidity present in the market.
Consequently, market analysts envision a bullish trend for XRP, suggesting that the token may be nearing the conclusion of its consolidation phase. They propose long-term price objectives ranging from $10 to $37.
Should these optimistic scenarios come to fruition, these surges might lead to new all-time highs and considerable potential gains, with estimates of 334% and a staggering 1,500%, respectively, from current trading levels.
XRP Price Might Experience 150% Rise To $6 by 2030
Besides the significant ETF launch by Canary Capital, industry professionals like Dark Defender have shared essential technical analyses that could enhance the performance of the XRP ETF market.
Notably, Dark Defender pointed out signals on the weekly timeframe that suggest a possible surge for XRP, with resistance at $2.85, support at $2.22, and targets forecasted at $18.22 and $36.76.
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Geoffrey Kendrick at Standard Chartered anticipates significant increases in the coming years, primarily due to the potential of spot XRP ETFs. He has established a target price of $12.50 for 2028, implying yearly returns of 73%.
Analysts at the Motley Fool have also provided insights, making comparisons to Bitcoin’s (BTC) price growth following the SEC approval of spot Bitcoin ETFs in January 2024, estimating a 150% rise to $6 for XRP by 2030.
Featured image sourced from DALL-E, chart from TradingView.com
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