XRP, Up 8% on ETF Approval Expectations, ‘Outperforms’ Amid Market Downturn

# XRP Sees Gains Amid ETF Anticipation While Broader Digital Asset Market Slumps As the digital asset market continues to exhibit weakness, XRP is showing relative strength driven by expectations surrounding an exchange-traded fund (ETF). At 4:57 PM on the twelfth, XRP was priced at $2.18, up 4.60% from 24 hours earlier, according to CoinMarketCap data. While most of the top ten digital assets by market capitalization remained flat, optimism has surged since Franklin Templeton filed for an XRP ETF, boosting investor sentiment. XRP experienced a significant rally earlier in the morning, climbing more than 8% to briefly hit $2.20. Despite subsequent adjustments, the cryptocurrency maintained its firmness above the $2 level. Analysts attribute the recent uptick in XRP’s price to the U.S. Securities and Exchange Commission (SEC) requesting the withdrawal of a lawsuit involving XRP. With a legal battle that has dragged on for over four years potentially nearing its end, market expectations for an XRP ETF approval have heightened. Conversely, the broader digital asset market has been on a downward trend. Bitcoin ETFs have seen capital outflows for four consecutive weeks, totaling $4.554 billion, while Ethereum (ETH) has faced significant liquidations amounting to approximately $1.8 billion recently. The digital asset market experienced a surge following the election of former President Trump in November last year, driven by hopes of regulatory relaxation. However, concerns surrounding the U.S.-China trade war and policy uncertainties under Trump have led to a sharp contraction in investor sentiment. As of now, all top ten digital assets by market capitalization, except XRP, have recorded negative returns this year. In a related development, the SEC has delayed approval decisions for six digital asset ETFs, including those for Solana, XRP, and Litecoin. Nevertheless, the regulatory body approved submissions for Dogecoin and Hedera ETFs, alongside Franklin Templeton's application, which has added to the market's confusion.