The XRP price remains under pressure as the divergence with market news continues. One of the key news items 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 30-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 were being tokenized on the XRP Ledger. Some of these assets are US treasuries, commercial paper, and private credit.
Data compiled by RWA shows that there are 47 RWA projects on the XRP Ledger with 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 like Franklin Templeton, Invesco, and 21Shares that will launch their XRP ETFs this week. The most recent data shows that the cumulative inflows on XRP ETFs have jumped to $300 million, with the Canary fund having 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 has 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 some other major news recently, including the $500 million investment from Citadel and Fortress Investment that will allow it to invest in 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
XRP chart | Source: TradingView
The daily timeframe chart shows that the XRP price has remained under pressure in the past few months as it continued to make a series of lower lows and lower highs.
XRP price has formed a death cross pattern, which happens when the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. 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 retests the upper side of the descending channel, which aligns with the Major S/R pivot point at $2.3440.
