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Summary
- XRP rises to $2.50, gaining more than 4% in 24 hours as optimism grows around a possible ETF launch.
- More than ten XRP fund proposals are listed as ‘active’ or ‘pre-launch’ on the DTCC, adding to investor confidence.
- XRP is trading within a consolidation range, with support around $2.19 and resistance around $2.70, as a breakout towards $3 looks less likely.
The The Ripple token is up a modest 6% over the past seven days after recovering from its dip below $2.2.
The recovery comes amid a modest market recovery and places XRP (XRP) among the day’s top gainers, driven by growing expectations around the upcoming launch of several exchange-traded funds (ETFs) tracking the token. More than ten XRP ETF proposals are currently listed as “active” or “pre-launch” on the Depository Trust and Clearing Corporation (DTCC) platform, boosting investor confidence.
Nasdaq recently certified Canary Capital’s first US spot XRP ETF, which is expected to launch in the US market on Thursday. This follows the earlier debut of REX Osprey’s XRP ETF in September, which puts the token in the same league as Bitcoin (BTC) and Ethereum (ETH), which already have multiple funds.
With institutional interest building and market volatility cooling after October’s swings, XRP appears strong and poised to continue towards previous support levels that may now provide resistance.
XRP Price Outlook Amid ETF Buzz
XRP is currently in a consolidation range, pegged at an upper limit of $2.70 since mid-October. The token has now reached a support level around $2.19, and while it appears to be gaining strength, the first major test will occur when the price approaches $2.70.
On the bullish side, a break of resistance with a daily candle close above the level would instill confidence in market participants and trigger renewed buying interest.
Looking on the other side, resistance could hold as well as it has for the past five weeks and keep the XRP price below $2.70 and within the consolidation range, which would be the most likely scenario.
Consolidation ranges often act as a reset before major moves. For XRP, staying within the current range could build the momentum needed for the next big move, especially if ETF developments continue to boost sentiment.
