Will ETF Launches Save XRP Price From Bearish XRP USD Outlook in November?
BY
Ben Graham
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It’s mid-November, and there is nothing to smile about, even if you are a crypto permabull expecting the XRP price to rocket to as high as $5 in this bull cycle. If anything, the past few weeks have been rough for traders and investors.
This week, the XRP USD price could either break above $3, remain choppy sideways, or drop below $2. Given the pain of the better part of last week, a surge taking out $3 would be refreshingly ideal. On the other hand, if the XRP price consolidates in a distribution and even drops below $2, it will only mean more capital flight.
For optimists, the future of XRP cryptocurrency looks bright. So far, the Ripple coin has increased by +8% in the past 24 hours, reversing last week’s losses. At this pace, will XRP cement its position as the best crypto to buy in November?
(Source: Coingecko)
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The State of Spot XRP ETF: Will The First XRP ETF Launch This Week?
What’s likely to trigger a wave of demand in the coming few days is whether the US SEC will approve a batch of spot XRP ETFs. At the moment, there is no live spot XRP ETFs approved by the regulator. What exists are leveraged products, including the ProShares Ultra XRP ETF, which went live in July.
As of November 10, there are at least seven spot XRP ETF applications that are under the regulator’s review. The good news for bulls, considering the extended government shutdown, is that the deadlines are on November 14.
Canary Capital, Bitwise, and Franklin Templeton have already filed for amended S-1 registrations. The goal was to remove the standard delaying amendment language, which effectively triggers a 20-day SEC review period.
With amendments made to the S-1 registrations, the Canary Capital spot XRP ETF is expected to launch this week, on November 13. Meanwhile, applications from Bitwise and Franklin Templeton are expected to go live next week. The 21Shares application is expected to launch by the end of the month.
Ahead of these landmark launches, five spot ETFs, including those by Bitwise and s1Shares, were added to the DTCC list as “active” and “pre-launch.” As seen in the past, listing on the DTCC typically indicates that a launch is imminent.
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What’s Next for The XRP Price?
Until the Canary Capital spot XRP ETF launches this week, traders should be closely monitoring the XRP price.
At press time, there has been no word from the SEC yet.
Even with confidence high, there could be last-minute comments, for example, on custody or surveillance, that might push the listing to December or later. Still, with the DTCC listing five spot XRP ETFs, it means the odds are high.
With institutional capital expected to flow into XRP following this approval, the XRP price may surge to as high as $3 in the next few days. The local support is around $2.
On X, one analyst notes that the uptrend is valid and XRP USD is inside a symmetrical triangle.
A close above this wedge may lift XRP crypto to as high as $5.
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Will ETF Launches Save XRP Price From Bearish XRP USD Outlook?
The post Will ETF Launches Save XRP Price From Bearish XRP USD Outlook in November? appeared first on 99Bitcoins.