XRP price has returned robust gains to the traders this week, adding around 12% in its value.
Notably, the surge appears to have come amid a broader crypto market recovery, which reflects the soaring confidence of traders in the digital assets space.
Additionally, in recent xrp news, the optimism over a potential Ripple ETF approval, which was previously expected on Friday, September 12, has further bolstered market sentiment.
However, the delay in the REX-Osprey XRP ETF approval this week has fueled discussions in the community.
However, top market pundits have shared their key insights on the potential timeline for the launch.
This has given relief to market participants, who are eagerly waiting for the investment instrument to go live in the US market. Amid this, top experts have shared bullish forecasts for the crypto’s price.
With the recent robust gains, XRP price prediction of over $4 has sparked renewed hopes among traders, especially as the crypto consolidated below the $3 over the last few days.
REX-Osprey XRP ETF: Expert Hints at Launch Timeline
The optimism over the REX-Osprey XRP ETF launch has peaked this week, with many anticipating the investment instrument to launch on Friday.
The impact was also evidenced by the spike in XRP price, which reflects the soaring investors’ confidence.
However, the delay appears to have cast doubts among traders over the potential reasons behind it.
However, market pundits have stepped in, predicting the potential timeline, which has managed to renew hopes among traders.
For context, in a recent XRP news analysis update, Bloomberg analyst James Seyffart stated that the XRP ETF is likely to launch next week.
Besides, he and Eric Balchunas said that Dogecoin ETF is also likely to launch in the next week.
Reasons Behind the Delay in Ripple ETF Approval
Meanwhile, Gigitalk CEO and XRP enthusiast John Squire has shed light on the potential reason behind the delay.
Talking about the delay in Franklin’s XRP ETF decision, Squire said that the postponement could be a strategic move by the US SEC.
He noted that it could “buy” more time for the regulators to have “public comments + internal review” on the matter.
In addition, the use of the US SEC’s “ongoing litigation” in the Ripple Vs. SEC case, despite Ripple’s partial victory, might have also caused the delay.
However, despite that, Squire said that Bitcoin and Ethereum also saw multiple delays before their approval.
Having said that, he believes that the delay is not a “denial,” rather it indicates that the approval is in “the process.”
XRP Price Soars: Analysts Expect Further Gains
XRP price jumped nearly 3% today and traded at $3.14, its highest level since mid-August.
Notably, the Ripple coin price has added nearly 12% over the last seven days, while falling about 2.7% in the monthly chart.
Despite the surge, the crypto’s trading volume fell 6% to $5.74 billion in the last 24 hours. Notably, the crypto has slipped to as low as $2.71 in the last 30 days, which has fueled concerns among traders.
However, with the current recovery, many experts anticipate a potential XRP price rally to $4 ahead.
For context, analyst Dark Defender said XRP price found a brief support at $3.01. Besides, he has set a target of $4.39 and potentially to $5.85 for the asset.
Echoing a similar sentiment, analyst EGRAG CRYPTO said that the next resistance for Ripple coin lies at $3.3. If the crypto breaches the level, it could target the $4.2 next.
Considering all these aspects and the XRP ETF optimism, it seems that XRP might continue its run to the north in the near future.
However, the investors should also consider the volatile nature of the crypto market. Additionally, if the US SEC further delays the ETF launch from next week, it might dampen the traders’ sentiment.
