XRP Price: Profit Taking Hits Token Ahead of Anticipated ETF Launch
TLDR
- ETF expert Nate Geraci expects the first spot XRP ETF to launch within two weeks maximum, possibly within days.
- Canary Capital updated its XRP ETF application to launch by November 13, while Bitwise set a 0.34% management fee and will trade on NYSE Arca.
- The XRP ETF launch represents the final win for Ripple after the SEC lawsuit that lasted over five years ended earlier this year.
- XRP price dropped 3% from $2.56 to $2.42 but trading volume increased 40%, showing strong trader interest.
- Technical analysis shows XRP trading below the $2.60 resistance level with potential support at $2.25 if the price continues to decline.
The first spot XRP exchange-traded fund could launch within the coming days according to ETF expert Nate Geraci. The ETF Institute co-founder stated on November 3 that he expects a maximum timeline of two weeks for the first spot XRP ETF to begin trading.
The launch timeline comes after the SEC missed final deadlines for several XRP ETF applications due to a prolonged U.S. government shutdown. Grayscale’s XRP ETF was first in line to receive approval on October 17.
Five other issuers waited for SEC decisions last month. These included 21Shares, Bitwise, Canary Capital, CoinShares, and WisdomTree.
XRP Price
Canary Capital recently updated its XRP ETF application with new language to launch by November 13. This follows the automatic approval of Canary’s Litecoin and HBAR ETFs last month through 8-A and CERT filings.
Bitwise also updated its filing according to Bloomberg analyst Eric Balchunas. The company announced a management fee of 0.34% and plans to trade on NYSE Arca.
Ripple Lawsuit Resolution Clears Path
The XRP ETF launch marks a victory for Ripple after years of regulatory challenges. The SEC’s lawsuit against Ripple hindered the company and XRP’s growth for over five years.
Paul Atkins-led SEC under the crypto-friendly Trump administration dropped the lawsuit earlier this year. Geraci said the launch of spot XRP ETFs represents the final nail in the coffin of previous anti-crypto regulators.
XRP reached multiple year-highs after the SEC v. Ripple lawsuit finally ended. The regulatory clarity has opened doors for institutional investment products like ETFs.
Current Price Action
XRP price fell 3% in the past 24 hours from a high of $2.56. The price currently trades at $2.42.
Trading volume jumped by 40% in the last 24 hours. This indicates strong interest among traders despite the price decline.
Analyst Ali Martinez noted that XRP started showing signs of weakness in the 4-hour chart. He expects the price may retest $2.25 next.
Technical Levels to Watch
The price now trades below $2.50 and the 100-hourly Simple Moving Average. A bearish trend line formed with resistance at $2.58 on the hourly chart.
If XRP moves higher, the price might face resistance near $2.48. The first major resistance sits near $2.50.
Above $2.50, the price could rise and test $2.55. A clear move above the $2.55 resistance might send the price toward $2.58 and the trend line.
Initial support on the downside sits near $2.41. The next major support level is near $2.38.
If the price breaks below $2.38, it might continue to decline toward $2.32. The next support sits near $2.25.
The hourly MACD for XRP is gaining pace in the bearish zone. The RSI now sits below the 50 level.
Whales have started accumulating XRP according to market observers. The ETF launch could trigger buying momentum toward $2.80 and $3 resistance levels.
The post XRP Price: Profit Taking Hits Token Ahead of Anticipated ETF Launch appeared first on CoinCentral.
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