The new month has kicked off on a rather promising note for Ripple’s XRP, with a remarkable increase in spot market strength. The latest development indicates increased buyer optimism amidst the volatility observed in the broader cryptocurrency market.
A heightened confidence in the spot market further suggests that market speculation is dying, and buyers are throwing their full weight behind their spot holdings.
In the spot premium market, traders are introduced to trading crypto assets, in this case, Ripple’s XRP, at a more elevated level. As such, the increase in trading indicates that a firm demand is driving movement in the XRP market.
Adding to the growing trend, Glassnode’s recent report highlighted optimism amongst XRP holders over the past months. According to data from the on-chain analytical firm, the number of addresses holding a minimum of 10,000 XRP coin has risen steadily since November 2024.
All credit goes to large whales, who reiterate their long-term position in the market by exercising patience through coin accumulation despite market volatility.
Anticipation for Spot XRP ETF Heightens
The optimistic outlook for the spot market is likely fueled by the expectation of an XRP Spot ETF approval by the U.S. Securities and Exchange Commission. With the regulatory backpedaling on its decision to pursue a case with Ripple, anticipation for approval has heightened.
According to data from the decentralized prediction platform Polymarket, the probability of a Spot XRP ETF has increased by 78% this year. In March, leading investment firms filed for XRP ETF products, adding the asset to a list of 72 crypto spot-based ETFs awaiting approval from the SEC.
Between January and April, XRP has retreated by 35%, and the fourth-largest crypto by market cap now trades at $2.21 at press time. Expectations of a potential surge are still tied to a possible Spot ETF approval.
