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Friday, July 19, 2024

Ripple (XRP) Finds a Spot on an Important List: Report

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TL;DR

  • Ethereum (ETH) is the top trending token due to updated S-1 forms for spot ETH ETFs filed by major financial firms, with potential trading starting as early as July 18.
  • Ripple’s XRP gains popularity amid the Ripple v SEC lawsuit, while other notable cryptocurrencies include Celestia (TIA) and Bonk Inu (BONK), showing significant price increases.

ETH Leads the Pack

The market intelligence platform – Santiment – outlined Ethereum (ETH) as the top trending token in the entire sector. It claimed the reasons behind the progress are the updated S-1 forms filed for spot ETH ETFs from financial giants such as BlackRock, Fidelity, VanEck, 21Shares, Grayscale, and Franklin Templeton.

“Don’t be shocked if ETH separates from the altcoin pack,” the entity added.

One person commenting on the latest ETF amendments was Blomberg’s Eric Balchunas. The expert believes the previously approved products can begin trading as early as July 18.

Ripple’s XRP is also included in Santiment’s list. The token’s rising popularity might be a consequence of the numerous developments surrounding the Ripple v SEC lawsuit.

The case is currently in its trial phase, with the entities recently arguing about the company’s potential penalty. The regulator initially sought a whopping $2 billion fine, accusing Ripple of conducting unregistered securities offerings by selling XRP tokens. The firm insisted on a sum no larger than $10 million. Last month, the agency softened its tone, proposing a reduced penalty of $102.6 million.

Other cryptocurrencies included in the ranking are Celestia (TIA) and Bonk Inu (BONK). The former is one of the best-performing digital assets today (July 10), registering a price increase of over 15%, while the latter leads the meme coin revival with a 5% weekly gain.

Where is ETH Headed?

The price of the second-largest cryptocurrency has slightly risen in the past 24 hours, currently trading at around $3,100 (per CoinGecko’s data). It erased some of the losses incurred in the last several days, with some analysts speculating that it is time for a new bull run.

Lucky, an X user with more than two million followers, described the recent plunge below the $3K mark as “a natural gift.”

For their part, McKenna and Poseidon predicted that ETH is poised to reach a new all-time high in the near future. The former set a target of $5,000, whereas the latter raised the bar at $8,000.

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