In a notable shift within the cryptocurrency landscape, Litecoin (LTC) and Ripple (XRP) are experiencing significant price surges as anticipation builds around potential spot ETF approvals. Following a remarkable 15% increase yesterday, Litecoin’s price has soared to $130, garnering attention as it surpasses a market cap of $9.7 billion, ranking it 18th among cryptocurrencies.
What’s Driving Litecoin’s Surge?
Expectations surrounding the approval of a spot ETF are fuelling Litecoin’s recent ascent. Canary Capital has submitted an application for a spot Litecoin ETF, while Grayscale aims to convert its existing Litecoin Trust into this format. Bloomberg’s James Seyffart assesses the chances of approval at an impressive 90% by year-end.
Is Ripple Ready for a Comeback?
Ripple’s XRP is also enjoying a resurgence, recently surpassing the $2.50 mark, reflecting a 4.5% increase. Analysts speculate that XRP could reach the $3 threshold, especially with its own ETF application submitted by the Cboe BZX Exchange. With major firms like WisdomTree and Bitwise in the mix, the SEC is expected to decide on these applications within 240 days.
- LTC’s market capitalization has exceeded $9.7 billion, making it a prominent player in the market.
- Anticipation of ETF approvals is high, with a 90% likelihood for Litecoin and 81% for Ripple.
- Both cryptocurrencies are seeing increased interest from traders and investors, reflecting optimism for future gains.
As excitement builds around potential ETF approvals, both Litecoin and Ripple are positioned for significant upward movements in the market, suggesting an invigorating period ahead for these cryptocurrencies.
