XRP is in the spotlight owing to new ETF launches: this week saw the launch of Grayscale and Franklin Templeton XRP spot ETFs in the U.S. This follows the Canary and the Bitwise XRP products, bringing the tally of XRP ETFs in the U.S. to five, including REX Osprey ETF, with more launches anticipated in the coming days.
In particular, three XRP ETFs are expected to launch in the coming days. The next ETFs lined up for launch include 21Shares, CoinShares and WisdomTree, defining an XRP ETF season.
Celebrating Bitwise’s ETF launch, Ripple CEO Brad Garlinghouse highlighted a “pre thanksgiving rush” for XRP ETFs.
The ETF launches move XRP from a standard crypto asset to a product now accessible through multiple institutional vehicles, which could clearly shift its narrative.
In separate news, CME Group recently announced that its new Spot-Quoted XRP futures are arriving on Dec. 15, pending regulatory review.
XRP reserves declining
According to CryptoQuant, XRP reserves on major crypto exchange Binance are declining. CryptoQuant observed that since October, the exchange’s XRP reserves have been steadily decreasing, falling to 2.7 billion XRP, one of the lowest levels ever recorded on the crypto exchange. Looking more closely, over 300 million XRP have left Binance since Oct. 6.
The XRP supply’s decrease might indicate that real demand is building, with investors withdrawing their XRP from Binance to hold it in private wallets.
Typically, when an asset is withdrawn from exchanges on a large scale, it often indicates an intention to hold for the long term. Fewer tokens available on trading platforms coupled with increasing institutional demand create a potentially powerful setup.
At press time, XRP was trading up 2.45% in the last 24 hours to $2.22 and up 16.42%. XRP is creating a potential bull flag setup in the short term, with its price in consolidation since Nov. 24, following three days of sharp increases since Nov. 21.
Source: https://u.today/xrp-season-three-crypto-etfs-lined-up-to-debut-soon
