XRP Price Rises as ETF Excitement Grows: Can It Reach $3?

XRP’s price is experiencing a notable recovery, gaining momentum as speculation mounts regarding the potential launch of new exchange-traded funds (ETFs) tracking the cryptocurrency.

Key Takeaways

XRP's price is currently at $2.50, reflecting a 4% increase in the last 24 hours and a 6% rise over the past week.
The rise in XRP's price is driven by an increased interest in ETFs, with over ten proposals currently active or preparing for launch.
Institutional interest is rising while market volatility stabilizes, setting the stage for potential price growth.
XRP is consolidating within a range, facing resistance at $2.70, which will be crucial for its next price movement.

XRP price rises as ETF buzz mounts, can it reclaim $3? - 1

Current Price Activity

As of now, XRP is trading at $2.50, marking a significant increase of over 4% in just one day, according to data from crypto.news. Over the week, the Ripple token has seen a modest jump of about 6% after recovering from a dip below the $2.20 mark. This rebound has positioned XRP among the top gainers as investor optimism rises with the impending launch of multiple XRP ETFs. Currently, the Depository Trust and Clearing Corporation (DTCC) lists more than ten XRP ETF proposals as either “active” or “pre-launch,” boosting investor confidence.

Recently, Nasdaq certified the inaugural U.S. spot XRP ETF from Canary Capital, expected to launch at the opening of the U.S. market on Thursday. This follows the earlier introduction of REX Osprey’s XRP ETF in September, placing XRP alongside Bitcoin (BTC) and Ethereum (ETH), both of which already boast various ETF options.

With increasing institutional interest and a cooling of market volatility following October's fluctuations, XRP appears robust and is set to target previous support levels that might now become resistance.

XRP Price Outlook Amid ETF Excitement

At the moment, XRP is fluctuating within a consolidation range, with the upper limit set at $2.70 since mid-October. The token has established a support level around $2.19. Even though it seems to be gaining traction, the significant challenge will arise as its price approaches the $2.70 mark.

From a bullish perspective, if XRP were to break through this resistance with a daily close above the $2.70 level, it could inspire confidence among investors and spur renewed buying activity.

XRP price chart from TradingView with technical indicators.
XRP price chart | Source: TradingView

Conversely, the resistance could hold firm, as it has for the past five weeks, keeping XRP's price beneath $2.70 and maintaining the coin within its consolidation range. This scenario is more likely.

Consolidation ranges typically act as important resets before significant price movements. For XRP, staying within its current range could help build the necessary momentum for its next major price shift, especially if developments surrounding ETFs continue to positively influence market sentiment.