As bullish momentum builds, XRP now targets a critical breakout at $2.40, with long-term projections even setting sights on the elusive $10 mark.

Ripple XRP news has turned increasingly positive as traders react to the upcoming launch of ProShares’ XRP futures ETFs, scheduled for April 30.

The cryptocurrency market continues to be a hot topic of conversation, especially with the recent approval of ProShares’ XRP futures ETF by the U.S. Securities and Exchange Commission (SEC). This decision has sparked a buzz among traders and analysts, setting the stage for potentially interesting price movements in the coming months.

As bullish momentum builds, XRP now targets a critical breakout at $2.40, with long-term projections even setting sights on the elusive $10 mark.

The essence of the story is that, after a series of regulatory delays, the SEC finally greenlit ProShares’ application for an ETF that tracks futures contracts on XRP. This development is being closely watched by industry professionals, who believe it could be a stepping stone toward the approval of a spot XRP ETF.

The significance of a spot ETF lies in the fact that it would require institutions to directly purchase and hold XRP, thereby generating substantial demand and potentially leading to a surge in the cryptocurrency’s price.

"This is huge for crypto and a pivotal moment in financial history," remarked analyst Armando Pantoja. According to Pantoja’s analysis, if we consider the time frame from the approval of the first Bitcoin futures ETF in August 2021, there's a chance we could see a spot bitcoin ETF by August 2024.

If this scenario unfolds, it would mark a swift transition compared to the approval process for the first Bitcoin futures ETF, which spanned over three years.

"The final judgement for the ProShares Bitcoin futures ETF came on August 10, 2021, and we all know what happened after that. Bitcoin went on a tear, and we had a great bull market," Pantoja added.

Moreover, in a recent development, the U.S. Federal Reserve has decided to lift a restriction that required banks to seek approval before engaging with digital assets. This change is seen as a major opportunity for Ripple’s RLUSD stablecoin, which boasts a $294 million market cap.

"This opens the door for a massive influx of institutional money into crypto, specifically XRP, as we saw during the last bull market," said crypto analyst BarriC.

According to the latest data from CoinGecko, XRP is showing signs of recovery after experiencing a 2.72% decrease over the past 24 hours, trading at $2.25 at the time of writing.

The cryptocurrency is currently ranked no. 5 on CoinGecko, maintaining a market capitalization of $121 billion despite the recent price dip.