XRP price is recovering faster than major large-cap altcoins as anticipation builds over its potential exchange-traded fund (ETF) launch.
Summary
- XRP climbs to $2.50, gaining over 4% in 24 hours as optimism builds around potential ETF launch.
- More than ten XRP fund proposals are listed as “active” or “pre-launch” on the DTCC, adding to investor confidence.
- XRP trades in a consolidation range, holding support near $2.19 and resistance at $2.70, as a breakout toward $3 seems less likely.
XRP price is on the rise, trading at $2.50 at press time, up over 4% in the last 24 hours per market data from crypto.news. The Ripple token has jumped up a moderate 6% over the last 7 days, after pulling a recovery from its dip below $2.2.
The rebound comes amid a modest market recovery and places XRP (XRP) among the top gainers of the day, driven by growing expectations around the imminent 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’s (DTCC) platform, fueling investor confidence.
Nasdaq recently certified the first U.S. spot XRP ETF from Canary Capital, which is expected to launch at the U.S. market open on Thursday. This follows the earlier debut of REX Osprey’s XRP ETF in September, putting 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 primed to push higher towards previous support levels that may now be resistance.
XRP price outlook amid ETF buzz
XRP is currently shuffling in a consolidation range, pinned down by an upper limit of $2.70 since mid-October. The token has now established a support level around $2.19, and while it appears to be gaining strength, the first major test will occur as its price approaches $2.70.
On the bullish side, a breakout of the resistance with a daily candle close above the level, would spark confidence in market participants and trigger renewed buying interest.
Looking on the flip side, the resistance may very well hold as it has for the past five weeks and keep XRP price under $2.70 and within the consolidation range, which would be the more likely scenario.
Consolidation ranges often act as resets before major moves. For XRP, remaining in its current range could help build the momentum needed for its next major move, especially if ETF developments continue to drive sentiment.
