XRP is currently under the spotlight with 13 ETF filings waiting for SEC approval, a significant development in the crypto world, particularly amid stagnant on-chain activity. There’s anticipation of a potential breakout.
This application encompasses both spot and futures products.
Leading the pack are firms like Grayscale and Franklin Templeton, managing assets exceeding $1.6 trillion.
Other contenders include Bit by Bit, Canary Capital, Coin Share, and 21 Stocks, with ETF expirations scheduled between October and November.
If granted approval, this fund could replicate the market influence seen after other similar ETFs launched, possibly marking a notable shift in institutional acceptance of XRP. Meanwhile, Bitcoin and Ethereum ETFs started trading earlier this year.
XRP seems to be bouncing back from a recent decline tied to liquidity issues, currently hovering around $2.4. A symmetrical triangular pattern has emerged on the daily chart since April, marked by descending resistance from a $3.8 peak and rising support from a $1.7 low.
Currently, XRP has managed to rise above its 200-day exponential moving average of $2.62 but faces resistance in the $2.8-$2.81 range.
Notably, a close above $2.81 could open the door to new highs at $3 and $3.4, while a dip below $2.3 might shift focus towards support levels between $2.00 and $2.10, first established early this year.
On a related note, recent data from Coinglass indicates limited movement in XRP recently. There was a net outflow of -$3.2 million reported on Thursday, contrasting sharply with the continued outflows seen in September. This lessening of capital inflows, coupled with price stability, could suggest that traders are holding their positions, anticipating the SEC’s ETF ruling or a substantial price movement.
Current trends:
