Key Highlights
- XRP price jumped 10% to $2.54 after an increase in trading volume of over $6.2 billion.
- 11 XRP ETFs are now listed on DTCC, which means they could be available for trading soon.
- The token broke key resistance at $2.30 with strong momentum. If it continues, it could surge to $2.65.
XRP, the native token of Ripple, is up 10% today after a week of downtrend. The token is currently trading at $2.54, up from an intraday low of $2.30. This follows a 125% surge in trading activity, with over $6.2 billion in trading volume over the last 24 hours. But what prompted this surge?
Apparently, the investors appear to be reacting to reports that several XRP exchange-traded funds (ETFs) have appeared on the U.S. Depository Trust and Clearing Corporation (DTCC) website, which means they may soon be available for trading. Additionally, the U.S. Senate has reportedly passed a deal to put an end to the government shutdown, which had been going on for weeks. As a result, the financial market seems to have gained some confidence, including the crypto market.
11 XRP ETFs listed on DTCC
As of Monday, the DTCC listed 11 XRP ETFs that are active or about to launch. Some of the providers include 21Shares, ProShares, Bitwise, Canary Capital, Volatility Shares, REX-Osprey, CoinShares, Amplify, and Franklin Templeton.
While being listed does not mean the ETFs are fully approved, it’s an indication that they are ready for trading.
In a tweet earlier today, ETF expert Nate Geraci said that “Government shutdown ending = spot crypto ETF floodgates opening.” He added that the first “33 Act spot XRP ETF” could launch this week.
Technical analysis and ledger activity
From a technical view, XRP price has broken a key resistance level at $2.30 and heads to another resistance level at $2.55. If the momentum continues, there’s a chance that the token could reach $2.68 in the coming days. But if it gets rejected, the price may drop slightly to a support level around $2.42 and $2.36 to prevent bigger losses.
The Relative Strength Index (RSI) is currently at 70, while the moving average is at 56. This means the token is not yet overbought and buyers still have more room to push the price higher.
Meanwhile, XRP Ledger is also getting some activity. Daily active users, as of now, have increased to between 19,000 and 29,000, which means more users are interacting with the network.
Furthermore, some ETFs, like Grayscale’s XRP Trust and WisdomTree’s XRP fund, are not yet listed on DTCC, so more news could come soon. Canary Capital also said its XRP ETF is “coming soon,” maybe by the end of the week. Overall, the anticipation could help push the price higher.
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