What to Know:
- XRP experienced a less severe correction compared to other cryptocurrencies amid a recent market downturn.
- The launch of a spot XRP ETF in the US by Canary Capital is seen as a potentially bullish catalyst for XRP.
- Analysts predict XRP could consolidate between $2.15 and $2.45 in the short term, influenced by ETF performance and overall market conditions.
XRP’s resilience is being tested as investors weigh the impact of a new spot ETF against broader market volatility. Despite a recent dip, XRP’s losses were more modest than Bitcoin and other altcoins, sparking debate about its near-term trajectory. The cryptocurrency now faces a crucial week as it navigates ETF inflows and resistance levels.
The launch of the first spot XRP ETF has injected optimism into the market, though analysts caution about a potential “sell-the-news” reaction. The ETF’s ability to attract substantial assets under management (AUM) is viewed as a key factor in stabilizing XRP’s price and establishing a support level around $2.10-$2.20. Market participants are closely monitoring the ETF’s performance to gauge investor appetite for XRP exposure.
Technically, XRP faces immediate resistance between $2.35-$2.40, with further hurdles at $2.50 and $2.70-$2.80. Overcoming these levels could pave the way for a rally towards the psychological $3.00 mark. Conversely, a break below the $2.20 support could see XRP testing the $2.00 level, underscoring the importance of monitoring key price thresholds.
“Overall, the next week could serve as an early test of real investor demand for the new ETF. While it may not instantly trigger a sharp recovery, consistent inflows and a steadier macro backdrop could help XRP consolidate above $2.20 and set up for a gradual rebound heading into mid-November,”
The coming week will be pivotal in determining whether XRP can capitalize on the ETF launch and maintain its relative strength. Investors are keenly observing ETF inflows and broader market sentiment to assess XRP’s potential for consolidation and eventual rebound. A positive ETF performance, coupled with a stable macroeconomic environment, could set the stage for XRP to regain momentum.
Source: Original article
