XRP, the native cryptocurrency of the Ripple network, has been experiencing a notable surge in price, outpacing other major large-cap altcoins. This upward trend is largely attributed to the growing anticipation surrounding the potential launch of an exchange-traded fund (ETF) that tracks the token. As of the latest market data, XRP has climbed to $2.50, marking a gain of over 4% in the last 24 hours.
XRP Price Movement and ETF Expectations
The recovery of XRP price comes amidst a modest market rally, positioning it as one of the top gainers of the day. This positive movement is driven by increasing expectations about the impending launch of several ETFs that track XRP. Notably, more than ten XRP fund proposals are currently listed as “active” or “pre-launch” on the Depository Trust and Clearing Corporation (DTCC) platform, which has significantly boosted investor confidence in the token.
Nasdaq’s recent certification of Canary Capital’s first US spot XRP ETF, slated to launch at the US market open on Thursday, has further fueled the optimism. This development follows the earlier introduction of REX Osprey’s XRP ETF in September, placing XRP alongside Bitcoin (BTC) and Ethereum (ETH), which already have multiple ETFs tracking them. The growing institutional interest and the cooling market volatility since October’s swings have positioned XRP strongly, potentially setting it up to rise towards previous support levels that may now act as resistance.
XRP Price Outlook Amid ETF Craze
XRP is currently trading within a consolidation range, capped at $2.70 since mid-October, with a support level around $2.19. Although the token appears to be gaining strength, its first major test will come when its price approaches $2.70. A breakout of this resistance level, marked by a daily candle close above it, would likely instill confidence among market participants and trigger renewed buying interest.
XRP price chart | Source: TradingView
However, the resistance at $2.70 could persist, as it has for the past five weeks, keeping XRP’s price below this level and within the consolidation range. This scenario is considered more likely. Areas of consolidation often serve as resets before larger moves, and for XRP, staying within the current range could help build the momentum needed for the next significant move, especially if ETF developments continue to positively influence market sentiment.
In conclusion, the price of XRP is on the rise, driven by the buzz surrounding the potential launch of ETFs. As the market continues to evolve, it will be crucial to watch how these developments impact XRP’s price and its potential to reclaim the $3 mark. For the latest updates and detailed analysis, visit https://crypto.news/xrp-price-rises-as-etf-buzz-mounts-can-it-reclaim-3/.
