XRP’s price jumps 7% as nine ETFs hit DTCC listings – What next?
ETF speculation and Senate progress have added to the rally narrative.
Key Takeaways
Why are XRP traders excited right now?
Because the DTCC has listed nine Spot XRP ETFs, and approvals could come soon.
How is the market reacting to the ETF news?
XRP’s Open Interest hit $1.32 billion, but funding rates remain negative.
XRP traders are getting ready for what could be a crucial few weeks.
Between fresh listings and shifting regulatory planes, the market might be ready for a potential catalyst. However, has this sentiment fully caught up yet?
Nine XRP ETFs listed
The U.S Depository Trust & Clearing Corporation (DTCC) has officially listed nine Spot XRP ETFs. So, there is talk that approvals could arrive as early as November.
The listings include products from major issuers such as Bitwise, Franklin, and CoinShares, alongside leveraged and thematic ETFs like Volatility Shares 2x XRP (XRPT) and T-REX 2x Long XRP (XRPK).
At the same time, progress in the U.S Senate towards ending the government shutdown could accelerate SEC reviews. This would add to expectations of a potential Spot XRP ETF launch before year-end.
Traders are cautious!
At the time of writing, XRP’s OI had climbed to around $1.32 billion. However, the average Funding Rate was negative at -0.145%. What this meant was that most traders may be still shorting the move, rather than backing the upside.
Traders are cautious. Participants are engaging, but not fully convinced of sustained momentum yet. If funding flips positive alongside growing Open Interest, it could turn into bullish confidence. And, this could push the price ahead too.
Momentum catches up as bulls step in
XRP surged by over 7% in the last 24 hours, reclaiming the $2.54-level as bullish sentiment strengthened. The RSI showed growing buying pressure without yet entering the overbought territory.
Volume also picked up, giving the push some credibility. OBV has trended higher lately, meaning traders have been accumulating.
If XRP maintains this momentum and breaks above the $2.60 resistance zone, it could open the door for a run towards $2.80. However, sustained strength in volume and RSI will be key to confirming this breakout.
