XRP price back to $2.5 after 40% drop, is more upside coming?

XRP, the cryptocurrency linked to Ripple, experienced a 3% price increase as the first U.S. spot XRP ETF was certified by Nasdaq. This event, marked by a significant 31% surge in trading volume, highlights growing institutional interest in XRP and could signal a shift in the regulatory landscape for cryptocurrencies in the U.S.

XRP price has shown a notable increase, currently trading at $2.420, following a consolidation phase after testing support at $2.320. The price may continue to rise if it maintains above $2.350, with resistance levels at $2.430 and potential gains towards $2.580 if it surpasses $2.50. This upward momentum is significant as it reflects broader trends in the cryptocurrency market, particularly alongside movements in Bitcoin and Ethereum.

The recent US government shutdown has significantly impacted the cryptocurrency market, causing a decline of $408 billion. This downturn is characterized by intense selling pressure and increased investor fear, leading to Bitcoin and Ethereum losing crucial support levels and entering a corrective phase. The situation highlights the vulnerability of the crypto market to macroeconomic uncertainties.

The upcoming launch of Canary's XRPC ETF on Nasdaq represents a pivotal moment for the cryptocurrency market, particularly for XRP. This event is expected to elevate XRP's status, increase institutional participation, and enhance market liquidity, marking a significant step towards mainstream acceptance of digital assets.

VivoPower is strategically acquiring XRP at an 84% discount, as outlined by Chairman Adam Traidman during the XRP Meetup in New York. He highlighted the recent collapse of many digital asset treasury companies, which have seen stock declines of 80-90%, drawing parallels to the early 2000s investment-trust bust. This approach aims to capitalize on the current market conditions while extracting on-chain yield, positioning VivoPower as a potentially resilient player in a volatile sector.

The United States Senate voted 60-40 to advance a bill aimed at reopening the federal government, marking a significant step towards ending the longest government shutdown in American history. This development is particularly noteworthy for the XRP community, as it is speculated that the approval of the XRP ETF could follow, potentially transforming the crypto market. The outcome of this vote may signal a pivotal moment for cryptocurrencies, especially XRP, as the market anticipates regulatory clarity and renewed investor confidence.

Steven McClurg, CEO of Canary Capital, predicts that XRP will outperform Solana in terms of inflows and trading volume once its exchange-traded fund (ETF) is launched. This statement highlights the potential for XRP to gain traction in the cryptocurrency market, especially following Solana's successful ETF debut.

XRP holders are increasingly turning to LeanHash to earn daily returns as Ripple's ecosystem enters a new growth phase. With the market experiencing volatility and XRP's price around the $2 support level, this trend signifies a burgeoning investment opportunity for XRP investors seeking higher yields.