Ripple’s XRP Price: The Race to Launch ETFs Heats Up

TLDR

• XRP price has rallied nearly 300% since November 2024, making it one of the best-performing cryptocurrencies this year
• The rally is attributed to the settlement of the SEC vs. Ripple lawsuit, which had previously held back XRP’s price growth
• Technical analyst Hov predicts XRP could reach $5 to $5.50 if it achieves a weekly close at $2.90
• Multiple XRP ETFs are listed on the DTCC, with several major financial institutions racing to launch, potentially within November
• CoinCodex forecasts XRP will hit $2.64 by November 25, representing an 11.8% gain from current levels

XRP has gained nearly 300% since November 2024. The price performance makes it one of the top performers in the crypto market. The token currently trades around $2.20 despite a 7% dip over the past week.

The strong rally comes after the settlement of the SEC vs. Ripple lawsuit. The legal battle had limited XRP’s price action for years. During the 2021 bull market, most cryptocurrencies hit all-time highs while XRP struggled to gain traction.

With the lawsuit resolved, XRP has regained momentum. The token now shows signs of stability at current price levels. Analysts expect the recent market correction to reverse in the coming months.

Technical analyst Hov identifies $2.20 as a strong support level for XRP. He maps Fibonacci retracement levels from the latest price advance. The 0.236 retracement sits at $2.094, while the 0.382 level is at $1.548.

Hov notes that XRP’s recent rise from $1.58 has only completed three waves. He expects one more small pullback on shorter timeframes. However, he does not anticipate the price dropping below the $1.58 low.

Technical Targets Point Higher

The analyst suggests a weekly close at $2.90 could trigger a major rally. Such a move would open the path to $5 and potentially $5.50. The analysis indicates room for growth once the current consolidation phase ends.

CoinCodex predicts XRP will trade around current levels for the next two weeks. The platform forecasts a move to $2.64 by November 25. This represents an 11.8% gain from present prices.

After reaching $2.64, CoinCodex expects a pullback to $2.30 in early December. The forecast suggests a period of consolidation before another leg up. Multiple price predictions point to continued upward movement over the next few months.

ETF Developments Boost Outlook

Several XRP ETFs are now listed on the DTCC. The listings include products from Coinshares and Franklin Templeton. The DTCC listing indicates these funds are preparing for launch.

Canary Capital announced its XRP ETF is coming soon. CEO Steven McClurg stated the company hopes to launch the fund this month. Canary recently launched LTC and HBAR ETFs, showing rapid expansion in crypto products.

Franklin Templeton and 21Shares filed third amendment documents with the SEC last week. Bloomberg analyst Eric Balchunas notes the 21Shares filing triggers a 20-day waiting period. This timeline suggests a potential November launch.

Bitwise updated its XRP ETF filing recently. Chief Investment Officer Matt Hougan predicts an XRP ETF will become a billion-dollar fund within months. The prediction follows the success of Bitwise’s Solana ETF.

Multiple financial institutions are competing to launch the first XRP ETF. The DTCC listings show tickers and fund structures are complete. Issuers are conducting final testing before market debut.

The XRP Ledger also reported a surge in new wallet creation. Increased wallet activity often correlates with rising interest in the asset. Combined with ETF developments, this suggests growing institutional and retail attention.

Franklin Templeton’s Franklin XRP Trust trades under the ticker XRPZ on the DTCC system. The Coinshares XRP ETF uses the ticker XRPL. Both funds appear active in the DTCC database, indicating readiness for trading.

The post Ripple’s XRP Price: The Race to Launch ETFs Heats Up appeared first on CoinCentral.