XRP Faces Uphill Battle as Value Declines, Banking on Bitcoin ETF Approval for Recovery

• XRP’s value has recently fallen by 10.83% in the last 30 days, reaching $0.5553.
• The coin’s recovery is closely tied to Bitcoin’s fate, particularly the potential approval of a spot Bitcoin ETF by the SEC.
• Approval of the Bitcoin ETF is seen as a potential bullish catalyst for XRP, despite recent uncertainties and compromises in SEC accounts.

XRP has struggled to gain momentum, experiencing a continuous downturn. As of the latest update, the coin’s value has declined by an additional 10.83% over the last 30 days, settling at $0.5553. 

XRP’s path to recovery is currently intertwined with the fate of Bitcoin (BTC). The imminent approval of the spot Bitcoin Exchange Traded Fund (ETF) by the United States Securities and Exchange Commission (SEC) serves as a potential bullish catalyst that could propel the coin out of its current slump.

XRP clings to Bitcoin ETF approval

While the approval of the spot Bitcoin ETF is highly anticipated, recent events, such as the compromise of the official SEC X account, have introduced uncertainties. Despite the skepticism, the approval of the Bitcoin ETF could trigger a significant market shift, benefiting XRP, among other cryptocurrencies.

Should the SEC grant approval for the spot Bitcoin ETF, XRP stands to be one of the primary beneficiaries. The correlation between Bitcoin’s success and a potential surge in XRP’s price underscores the pivotal role of regulatory decisions in shaping the fate of digital assets.

The approval of the spot Bitcoin ETF may not only impact XRP but also set the stage for the introduction of other spot crypto ETFs. Rumors and fake filings associated with BlackRock in November 2023 hinted at the possibility of XRP spot ETFs entering the market.

Despite the uncertainties surrounding the SEC’s timeline and potential approval, the emergence of a Bitcoin ETF holds the promise of creating a more bullish future for XRP and the broader cryptocurrency industry. Investors and enthusiasts keenly await regulatory decisions that could pave the way for a market resurgence.