Why Crypto Market is Up Today: XRP ETF News Driving the Surge?

Why Crypto Market Is Up Today: XRP ETF Hype and Ethereum ETF Inflows

The global crypto market is making headlines as it posts a modest recovery with a market cap of $3.23T, reflecting a 1.51% increase over the last day. Despite a notable 26.15% drop in total crypto market volume—now at $99.32B—the market seems to be stabilizing. A significant portion of this volume, 90.68%, is driven by stable coins, while DeFi contributes 7.81%. 

Why Crypto Market is Up? Complete Market Analysis 

Several factors are at play in this upward trend. A crucial element is the recent SEC meeting regarding the XRP ETF Approval. The U.S. SEC has acknowledged Grayscale’s filings for Dogecoin (DOGE) and XRP ETFs, which kick-starts the review process. This development is important as it signals increased regulatory scrutiny and potential mainstream acceptance. With Grayscale’s Bitcoin ETF already approved, market watchers are curious to see if similar momentum will translate into XRP ETF.

Additionally, Spot Ethereum ETF inflows have been strong, with a daily net inflow of $12.92M as of February 13. The cumulative inflow has reached an impressive $3.14B, representing 3.14% of Ethereum’s market cap. This steady capital flow not only supports Ethereum’s price, currently at $2,691.47 with a 1.09% gain, but also contributes to the overall bullish sentiment in the market. 

Market liquidity has also played a role, with $161.31 million in trader liquidations over the past 24 hours. Notably, the largest single liquidation was recorded on Binance for BTCUSDT valued at $1.21M. While liquidations often signal short-term volatility, they can also pave the way for a price correction and eventual recovery. 

Source: CoinGlass

Current Market Performance and Future Prospects

Bitcoin, now trading at $96,905.25 and experiencing a modest 0.89% increase, reflects this cautious optimism. Meanwhile, XRP, which has surged 12.52% to $2.75, prompts many to ask Why is XRP up today. The price rally in XRP, coupled with growing interest in its ETF prospects, underscores the asset's resilience in a turbulent market.

As crypto continues to integrate with traditional finance and investors keep a close eye on evolving regulatory landscapes, the question remains: Why crypto market is up today? With mixed signals from market liquidations, robust ETF inflows, and promising regulatory developments, the future of digital assets seems poised for continued evolution. This overview of the current market performance not only offers insights into immediate trends but also provides a glimpse into the long-term prospects of the crypto sector.