XRP is edging closer to having its own exchange-traded funds (ETFs). Reports indicate that multiple XRP spot ETFs are now listed on the Depository Trust and Clearing Corporation (DTCC), a major player in stock trades in the United States. This listing signifies that the funds are primed for trading pending final approval from the U.S. Securities and Exchange Commission (SEC).
XRP holders await the government’s reopening and the SEC’s verdict. While a DTCC listing doesn’t equate to approval, it is a necessary precursor to launch. It demonstrates that fund managers have completed the bulk of the set-up process and are poised to trade once regulators greenlight the initiative.
The roster of listed ETFs features offerings from Bitwise, Canary Capital, CoinShares, Volatility Shares, Amplify, Franklin Templeton, and 21Shares. Names visible on the DTCC system include Bitwise XRP ETF (XRP), Canary XRP ETF (XRPC), Volatility Shares XRP ETF (XRPI), ETF Opportunities T-REX 2x Long XRP (XRPK), CoinShares XRP ETF (XRPL), Amplify XRP 3% Monthly ETF (XRPM), ETF Opportunities T-REX Osprey XRP (XRPR), Volatility Shares 2x XRP ETF (XRPT), Franklin XRP ETF (XRPZ), and 21Shares XRP ETF (TOXR).
XRP Data Resembles Bitcoin Pre-ETF Launch
Blockchain data reveals that XRP’s exchange supply is currently at its lowest point since early 2021. Concurrently, the number of wallets holding between one million and ten million XRP has hit a record high.
This trend, characterized by fewer coins on exchanges and more held by major investors, has historically foreshadowed significant price surges. This mirrors the pattern observed prior to both Bitcoin and Ethereum ETF approvals, where whales discreetly accumulated tokens months ahead of public enthusiasm.
XRP Price Encounters Resistance Amid Bearish Trend
XRP remains ensnared in a bearish trajectory, with the weekly chart showcasing a prolonged downward pattern. The price has been impacted by a substantial bearish divergence unfolding over recent months. While indicative of persistent weakness, the daily chart reflects a minor bullish divergence, suggesting a potential short-term recovery or sideways movement in the near future.
Nevertheless, the price is grappling with robust resistance levels between $2.30 and $2.40. Every upward move has been rebuffed, confining XRP within a narrow range. A breach above $2.40, if sustained, could propel the price towards the subsequent resistance at $2.60 to $2.70. Until then, the market should brace for erratic sideways movements and fleeting respite from the prevailing bearish trend.
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