XRP has experienced a notable surge in April, jumping 40% and stirring optimism among traders. Pumping up this bullishness are fundamentals, the launch of multiple new futures products, and the proliferation of leveraged ETFs. FOMO on the growing crypto market appears to be betting on continued upside for XRP, the currency employed by Ripple to power cross-border transactions.
Bullish Sentiment and Market Predictions
Deribit data indicates that guarantee XRP will range between $2.23 and $2.7 come the end of April. This print is a significant difference to the last output which was heavily tilted in favor of predictions that XRP would not break over $2.2 this month. According to data from Coinglass, there has been a major increase in the long-short ratio on perp for XRP. This adds more credence to the bullish view on the cryptocurrency. The ratio is nearly 3-to-1, an extreme bias in favor of bullish bets.
Polymarket bettors are forecasting an additional 5% rise in XRP’s price. This was the general vibe of market participants and it highlights the expectations of a huge price run this quarter.
New Investment Vehicles and Market Performance
The recent introduction of two XRP futures products from the CME Group and Coinbase has only added to the excitement around XRP. Additionally, Teucrium launched a leveraged XRP ETF. This is the first dedicated investment vehicle for XRP in the US. It creates a wider set of possibilities for investors to interact with the cryptocurrency.
Ethereum is up 1% over the same time frame, currently trading at $1,831. Over the last 24 hours, Bitcoin has been relatively stable, with no significant fluctuations in price, currently trading at $95,130. Ethereum and Solana’s perps data indicate a relatively balanced sentiment between longs and shorts.
Regulatory Considerations
The agency has until mid-October to decide.
