XRP price has rebounded by 85% from its October low, and upcoming ETF approvals will likely trigger further gains in the near term. Ripple token was trading at $2.5380 on Tuesday, up from last week’s low of $2.1485.
XRP ETF Approvals to Boost Price
XRP has numerous bullish catalysts that will boost its price in the coming days. The most important catalyst is that the government shutdown is about to end, which will lead to the approval of most, if not all, the submitted XRP ETFs.
Data shows that several XRP ETFs, including those from Bitwise, Franklin Templeton, 21Shares, Canary, CoinShares, and Volatility Shares, have already been listed with the Depository Trust & Clearing Corporation (DTCC). Most notably, these funds are listed in its Active and Pre-Launch segment, raising the possibility of an approval.
There is a significant chance that the SEC will approve spot XRP ETFs. It has already allowed the listing and trading of funds for Hedera, Solana, and Litecoin. It has also allowed the REX-Osprey XRP ETF (XRPR), which has begun trading and already raised over $120 million in assets.
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There is a chance the upcoming ETFs will attract more inflows due to their lower fees than the XRPR ETF, which charges a 0.75% fee. Last week, Grayscale removed its fee for the Solana ETF to gain market share from Bitwise. These funds will likely do the same thing after their approval.
The XRP ETF approval will be important because it will drive immediate demand from American investors. A good example of this is the ongoing surge in Solana ETF inflows, which have jumped to over $300 million. In a note to BanklessTimes, Alexis Sirkia, of Yellow Network, said:
“Investors are looking to get in ahead of and benefit from the retail and institutional capital that floods in with ETF approvals, which looks to be set for around November 13.”
XRP price has other potential catalysts, including the growing market share of the Ripple USD stablecoin, which has just crossed the $1 billion assets milestone. It is also gaining market share in the financial services industry, as evidenced by last week’s investment from Citadel and Fortress.
XRP Price Technical Analysis
The daily chart shows that the XRP price has formed a double-bottom pattern at $2.1900 and a neckline at $2.6963. Its double-bottom point was along the extreme oversold level of the Murrey Math Lines tool.
The coin is now approaching the neckline of the double-top pattern. A move above that level will point to more gains, potentially to the ultimate resistance level at $3.125. This price level is about 25% above the current level.
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