Forbes Senior Contributor Billy Bambrough believes that a potential market-shifting development from China could boost the price of XRP. In a recent publication, Bambrough noted the market’s recovery after a dip caused by Middle East conflict concerns. XRP, which bottomed at $0.4336, has since rallied to $0.5191, showcasing a significant gain.
The emergence of Wall Street Bitcoin spot ETFs has been credited with boosting Bitcoin and XRP prices. Now, Bambrough anticipates a similar positive impact on XRP and other cryptocurrencies from fresh developments in the Chinese market. Leakage from financial institutions in Hong Kong suggests that the Securities and Futures Commission has endorsed Bitcoin and Ethereum spot ETF applications, potentially paving the way for increased liquidity and market stability.
Industry pundits like Michael Silberberg foresee Hong Kong’s move towards spot crypto ETFs inspiring global regulatory frameworks and attracting capital inflows. The leaks indicating approval for listing spot Bitcoin and Ethereum ETFs in Hong Kong have sparked anticipation of competition between Hong Kong and New York for inflows into their ETFs. With projections of significant demand from mainland China, the market impact of this development could lead to a substantial price increase for XRP and other cryptocurrencies.