Ripple's XRP price has surged to a two-week high of $2.82 driven by the SEC's acknowledgment of 21Shares' XRP ETF application.
Analysts predict further gains with price targets ranging from $2.94 to $3.03 if the price maintains momentum above key support levels.
The SEC's decision to acknowledge the XRP ETF applications could provide investors with more exposure to XRP's price movements and remove the need for direct ownership of the cryptocurrency.
Improvements in the SEC's stance toward the cryptocurrency industry under new Chairman Mark Uyeda could contribute to the positive sentiment surrounding XRP.