XRP Price Sees 7% Surge as Nine ETFs Listed by DTCC – What’s Next?

XRP has gained significant momentum recently, experiencing a 7% price increase after the listing of nine Spot XRP ETFs by the U.S. Depository Trust & Clearing Corporation (DTCC). Traders are currently cautious, yet optimistic, hoping for further upward trend as the market landscape shifts.

Key Takeaways

XRP traders are bracing for a potentially pivotal few weeks ahead.
Nine Spot XRP ETFs have been officially listed by the DTCC, raising hopes for further approvals.
Current trading metrics show caution among traders, indicating a mixed sentiment in the market.
XRP has rebounded over 7% to reach $2.54, with bullish momentum building.

XRP's price jumps 7% as nine ETFs hit DTCC listings - What next?

Recent ETF Listings Signal Potential Growth

The U.S. Depository Trust & Clearing Corporation (DTCC) has officially listed nine Spot XRP ETFs, suggesting that regulatory approvals could be on the horizon as soon as November.

XRP ETFs Listing Source: X

These listings feature products from notable issuers, including Bitwise, Franklin, and CoinShares. Additionally, leveraged and thematic ETFs such as Volatility Shares 2x XRP (XRPT) and T-REX 2x Long XRP (XRPK) are included. Simultaneously, progress in the U.S. Senate toward resolving the government shutdown could expedite SEC reviews, subsequently augmenting expectations for a potential Spot XRP ETF launch before the year concludes.

Traders Exercise Caution Amid Volatility

As of the latest data, XRP's open interest had risen to approximately $1.32 billion. However, the average funding rate stood at a negative -0.145%. This suggests that many traders remain skeptical and may be shorting XRP's price movement rather than supporting it.

Market Overview Source: Coinalyze

The cautious stance of traders indicates an active engagement in the market, albeit without full confidence in a sustained momentum. Should the funding rate shift to positive, coupled with increasing open interest, it may help boost bullish sentiment, possibly driving XRP’s price higher.

Bullish Sentiment Grows with Increased Buying Pressure

In the past 24 hours, XRP's value has surged over 7%, reclaiming the $2.54 level as bullish sentiment continues to build. The Relative Strength Index (RSI) indicates increasing buying activity without yet entering into overbought territory.

XRP Price Chart Source: TradingView

Transaction volume has also risen, lending credibility to this upward movement, evidenced by the rising On-Balance Volume (OBV), indicating that traders have been accumulating XRP. If XRP can maintain this momentum and break through the $2.60 resistance level, it could set the stage for a rally toward $2.80. However, consistent strength in trading volume and RSI will be crucial to confirm such a breakout.