Market analysts are anticipating a significant level of interest for both BTC Spot and ETH Spot ETFs. However, the involvement of BlackRock might create an even stronger bullish sentiment.
SEC Timeline, Shutdown, and the Path to XRP ETFs
Marty Partey, a well-known cryptocurrency commentator, dismissed rumors suggesting that BlackRock intended to withdraw from the XRP spot ETF market in August. He stated:
“Correction: After several conversations, this has been confirmed to be false. […] Both the SOL and XRP ETFs are in discussions with BlackRock, but we can’t confirm the timing. The submission deadline is in October.”
It’s important to note that the timeline has shifted because of the SEC’s General Listing Standards (GLS) for commodity-focused stocks and the looming U.S. government shutdown. These standards enable issuers to list cryptocurrencies and commodity-based ETFs on exchanges without undergoing the customary SEC review, which typically takes around 240 days.
Nonetheless, the impending U.S. government shutdown has delayed the launch of the XRP Spot ETF, for which an application was made before the GLS approval in September. Especially due to this shutdown, BlackRock‘s opportunity to launch the XRP spot ETF under the SEC general listing standards is now in flux.
Nate Geraci, president of NovaDius Wealth Management, has also indicated his belief that BlackRock is set to enter the XRP spot ETF market, previously remarking:
“I firmly believe BlackRock will apply for Spot XRP and SOL ETFs.”
Despite the uncertainties, expectations surrounding the potential launch of the XRP Spot ETF, in conjunction with supportive crypto legislation, are seen as beneficial. The iShares XRP Trust could further bolster XRP’s position within the mainstream market.
Technical Outlook: Key XRP Price Levels
XRP experienced a 0.95% increase on Sunday, November 2nd, somewhat offsetting the prior day’s 0.18% drop, closing at $2.5288. The token outperformed the wider crypto market, which posted a 0.37% gain.
After witnessing an 11.84% decline in October, XRP remains below its 50-day and 200-day exponential moving averages (EMAs), indicating a bearish trend. Still, certain occurrences could act as catalysts for a bearish trend reversal.
Key technical levels to watch include:
- Support levels: $2.5, $2.35, $2.2, $2.0, $1.9.
- 50-day EMA resistance: $2.6506.
- 200-day EMA resistance: $2.6062.
- Resistance levels: $2.62, $2.8, $3.0, $3.66.
