Cryptocurrency News

Ripple and Cardano benefit from the ETF surge

The ETF market has seen a massive increase of $1.6 billion on a year-to-date basis. The most recent ETF rally is $708 million, and two tokens that are benefiting the most from this surge are Ripple and Cardano (XRP and ADA), respectively.

Many analysts have called this a monumental shift in the perspective of investors. Investments around XRP saw an inflow of $100,000 and an outflow of $400,000 in the last week. The year-to-date inflow remains at $3 million. Investments around ADA saw an inflow of $600,000 with a similar outflow as that of XRP. The year-to-date inflow has been defined as remarkable, touching $5 million in total.

The crypto ETF market is poised to grow. With eleven Spot Bitcoin ETF applications making the rounds in the market, more crypto-specific ETF products could soon make their way. Ether ETF is the most speculated product in the crypto community. It is likely to be followed by the XRP ETF. While Ether ETF could come out by the end of this year, there is no specific timeline for XRP ETF, considering Ripple and the SEC are still in the remedy phase of their legal dispute.

XRP and ADA continue to downplay their growth by 0.67% and 2.17% in the last 24 hours, respectively. Both tokens are listed at $0.5023 and $0.492, in the same order. XRP needs to hold steady at the mark of $0.5 so as to avoid experiencing a free fall to $0.4, or $0.2. ADA could be resistant to a free fall if Bitcoin does well on the board.

However, the same principle applies to XRP, which has often been seen mirroring the sentiments of Bitcoin on the graph.

Bitcoin halving is an event that could potentially trigger more optimistic movements for XRP and ADA, or any other crypto for that matter. XRP has a better chance to perform and reach the milestone of $0.1 by the end of this year. As a matter of fact, crypto enthusiasts are bullish that it may even dance around $7–$13 by the end of next year, that is, 2025.

The market cap of XRP is down by 0.75%, and the 24-hour volume is up by 17.67%. The market cap of ADA is down by 2.26%, and the 24-hour volume is up by 7.75%.

In the coming days, a greater surge in the ETF market is anticipated. Presuming Ether ETF receives approval, investment opportunities would boost the community. Additionally, ADA and XRP ecosystems might experience an increase in inflow. The prevalence of Cardano and Ripple indicates that investors may wish to pursue diversification. The mere approval of their ETF applications will contribute to that.

BTC and ETH, two dominating cryptos in the market, are currently listed at $42,751.70 and $2,319.58, respectively.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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