XRP has reclaimed the key psychological level at $3, with traders holding ahead of expected favorable ETF decisions.
Summary
- XRP reclaimed the $3 level amid continued market optimism
- ETF approvals remain the strongest potential catalyst
- Open interest in XRP futures indicates strong institutional demand
XRP (XRP) price has reclaimed the $3, a key psychological level, showing continued optimism in its performance. On Wednesday, September 10, XRP’s price was up 1.1%, trading at around $3, with $4.35 billion in daily volume. Its current price puts XRP at a market cap of $178.26 billion, firmly in third place among all crypto assets.
Despite ongoing market volatility, traders still bet on ETF demand as the strongest potential catalyst for its price. Currently, the Securities and Exchange Commission is set to decide on 15 XRP ETFs. These funds, if market demand follows, could have a strong impact on the demand for XRP.
What is more, the demand seems to be there. Notably, the CME Group’s XRP futures contracts hit $1 billion in open interest in just three months, faster than those of any crypto asset. This metric, typically a strong indication of ETF demand, suggests strong institutional interest.
XRP ETF remains the biggest catalyst
Still, the earliest of these decisions, ones for CoinShares, 21Shares, Canary Capital, and Grayscale XRP ETFs, is set for October 19. That is, unless the agency delays the decision again, as it has done multiple times in the past. Most recently, the agency has extended the deadline for its decision on Franklin Templeton XRP ETF to November 14.
Still, the odds for an XRP ETF approval are very high, and Polymarket traders currently put the odds of approval at 92% by the end of 2025. If this prediction holds, XRP could be set for some of the biggest gains among top crypto assets in the coming months.