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First Spot XRP ETF Hits $58 Million Trading Volume on Debut Day

  • Canary Capital's XRP ETF launched with a record $58 million trading volume, marking it as the most traded ETF launch of the year.
  • The debut impacted XRP's price, initially pushing it towards $2.5 before a 4% retracement to $2.3.

XRP ETF and Market Outlook

  • Canary Capital's CEO, Steven McClur, sees strong potential in the XRP ETF, predicting it could surpass Solana (SOL) achievements due to XRP's liquidity and utility.
  • The XRP ETF outperformed Bitwise's Solana Staking ETF by a slim margin.
  • Analysts expect approvals for asset managers like Franklin Templeton and Grayscale to draw $4-$8 billion in investments, potentially boosting prices significantly.
  • Market analysts anticipate a bullish trend for XRP, with long-term targets between $10 and $37, suggesting possible gains of up to 1,500% from current levels.

Future Projections

  • Dark Defender's technical analysis indicates potential XRP resistance at $2.85 and support at $2.22, with targets at $18.22 and $36.76.
  • Geoffrey Kendrick from Standard Chartered predicts a target price of $12.50 for XRP by 2028, implying 73% annual returns.
  • Motley Fool analysts forecast a 150% increase in XRP's price to $6 by 2030, drawing parallels to Bitcoin's rise post-ETF approval.

XRP price