XRP News Today: Canary’s Spot ETF Nears Launch, XRP Shows Signs of Recovery

The XRP marked a weekly gain of more than 8%. The market cap reached $147.55 billion. Despite experiencing some corrections due to profit-taking as the token rallied amid the nearing of the debut of XRP Exchange Traded Funds (ETF). The Canary Spot ETF is about to go live on November 13, Wednesday.  The token is currently trading at around $2.44. The price had a slight dip of 1.28% in the last 24 hours. The 24-hour trading volume increased by over 60% reaching $6.14 billion. 

XRP Builds Momentum as Spot ETFs are About to Go Live

The Canary Capital updated its filing for its spot XRP ETF in the past month, October, which triggers a 20-day automatic launch under Section 8(a) of the Securities Act of 1933. They have removed the “delaying amendment” clause in the filing, which requires explicit sign-off from the SEC. Under the current filing, the Canary spot ETF will go live on Nasdaq by November 13, if the SEC does not intervene. The chances of any intervention from the SEC are slim as the Government is yet to reopen and return to its full working capacity. The Canary Capital Spot XRP ETF is the first pure U.S XRP ETF, increasing its significance.  

Another major ETF nearing launch is Franklin Templeton’s, which is about to debut on Cboe on November 18. The other prominent ETFs include those of 21Shares, Bitwise, and CoinShares. They are scheduled to launch around November 20 to 22.

What Do Technical Signals & XRP Price Predictions Say: Is XRP Expected to Skyrocket?

XRP is currently trading above the 10-day Exponential Moving Average(EMA) of 2.39963. The price is also above the 10-day Simple Moving Average (SMA). The MACD is having a bullish crossover. The 14-Day Relative Strength Index reached 50, suggesting a neutral position. 

The overall market sentiment remains neutral. The traders are optimistic. The bullish investors believe that XRP is about to skyrocket due to ETF launches, Ripple’s partnership with Mastercard, WebBank, and BlackRock for testing RLUSD stablecoin for payments, and increased adoption of XRP for cross-border payments. 

The company announced its new partnership and $500 million strategic funding at a $40 billion valuation, led by Fortress Investment Group and Citadel Securities, on November 5 at its annual Swell conference. According to bullish analysts, these events will lead to a price surge for XRP, and the current window of $2.4-$2.5 will not be available in the future. Furthermore, bullish predictions are projecting the XRP to hit $3 this year and $6 next year. 

The Bottom Line: What’s Ahead for XRP?

The crypto market had just experienced a renewed momentum as the senators agreed to end the U.S government shutdown, the XRP had a double-digit bullish run yesterday, driven by the new developments. The token experienced a pullback as profit-taking took center stage today. Nevertheless, the investors are optimistic as the long-term potential for the token remains solid, and the price is anticipated to rise amid the flurry of ETF approvals. 

Moreover, the Capitol Hill signaling pro-crypto policy is further building optimism around the crypto market. The U.S. Treasury Scott Bessent just announced that the  U.S. Treasury and IRS have issued new Guidance on ETPs, and he further added that the move increases investor benefits, boosts innovation, and keeps America the global leader in digital asset and blockchain technology. 

Such policies could act as tailwinds, uplifting the whole crypto market. A much stronger push would be the further Fed rate cuts. Despite the central bank’s chair’s hints about a hawkish policy shift, the traders are closely watching any changes in policy or regime at the helm of the Fed. 

A combination of a fertile macro environment, combined with increased institutional interest through ETFs, is enough to fuel a rally, and the long-term potential of XRP is evident from the institutional interests and strategic partnerships.