The XRP price remains under pressure amid the divergence with market news. One of the key news stories will be the upcoming Bitwise XRP ETF, which will start trading today.
Bitwise Makes the Case for XRP
In an X post on Wednesday, Bitwise, a leading asset manager, made the case for XRP ahead of its ETF launch. The company noted that XRP was one of the longest-running blockchains, with a 13-year track record and a strong community of supporters.
Bitwise also believes that XRP is interesting because it is going after the $250 trillion cross-border payments industry, where it can settle payments within 3-5 seconds for fractions of a cent.
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Most importantly, the company noted that a growing list of assets was being tokenized on the XRP Ledger. Some of these assets are US treasuries, commercial paper, and private credit.
Data compiled by RWA.xyz shows that 47 RWA projects on the XRP Ledger hold over $262 million in assets. Its stablecoin market cap has jumped 45% in the last 30 days to over $425 million.
Bitwise joins other companies, such as Franklin Templeton, Invesco, and 21Shares, that will launch their XRP ETFs this week. The most recent data shows that cumulative inflows into XRP ETFs have jumped to $300 million, with the Canary fund holding over $268 million in assets.
XRP has had some more positive news. For example, data compiled by CME shows that the volume and open interest have remained steady despite the ongoing crash. The open interest stood at 8,469 contracts on November 18, up from this month’s low of 8,200.
According to CoinGlass, XRP’s futures open interest stood at $3.8 billion on Thursday, up from this month’s low of $3.2 billion, a sign that demand is slowly rising.
XRP has had other major news recently, including a $500 million investment from Citadel and Fortress Investment that will support its growth. It also made several acquisitions that will boost its presence in the financial services industry, including GTreasury and Hidden Road.
XRP Price Technical Analysis
The daily timeframe chart shows that the XRP price has remained under pressure over the past few months, with a series of lower lows and lower highs.
XRP price has formed a death cross, which occurs when the 50-day and 200-day Exponential Moving Averages (EMAs) cross. The coin remains below the Supertrend indicator, one of the most accurate trend tools in the market.
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The Awesome Oscillator has remained below the zero line since October 10. Also, the Relative Strength Index has moved below 50, and the price is below the Major S/R pivot point of the Murrey Math Lines tool.
Therefore, the most likely scenario is where the coin remains under pressure in the near term. However, there is a likelihood that it will rebound and retest the upper side of the descending channel, which aligns with the Major S/R pivot point at $2.3440.
