XRP Price Update: Will XRP ETF Filing Sparks Hope ?

This past week, XRP had a chance for a significant breakout. On Tuesday, the Ripple price peaked at $0.53 but dropped nearly 6% on October 31. Despite a slight rebound on Friday, XRP is currently trading at $0.51 as per Coinpedia markets data.

For a deeper dive into XRP Price Prediction and market trends, check out our detailed analysis.

21Shares Files for XRP ETF

On Friday, XRP saw a small rebound after 21Shares, a prominent ETF issuer, filed with the U.S. SEC to launch an XRP exchange-traded fund (ETF). If approved, the “21Shares Core XRP Trust” will be listed on the Cboe BZX Exchange, allowing investors a cost-effective way to gain exposure to XRP without purchasing the token directly.

21Shares emphasized that XRP is not classified as a security, following the SEC's recent decision not to challenge its legal status during the ongoing Ripple appeal. The ETF aims to provide shareholders with an economical way to invest in XRP.

Current XRP Price Analysis

Currently, XRP is hovering around a critical support level of $0.51. This level is crucial for determining whether the price will stabilize or continue to decline. Recent trading data indicates that maintaining this support level is essential, especially since XRP has been one of the worst-performing crypto assets in recent months.

Key Trading Insights

  • Candlestick Patterns: The emerging candlestick pattern suggests a potential reversal, which could be a bullish signal if buying volume increases.

  • Market Sentiment: Currently, sentiment is bearish, with ongoing selling pressure. If this continues, the support level may break.

  • Volume Shift Needed: A change in trading volume toward buyers is essential to counteract the current downward momentum. If this shift occurs, XRP could find the support needed for recovery; otherwise, further declines are likely.

The XRP price remains at a crucial point as it tests the support level of $0.51. Investors should monitor trading volumes and market sentiment closely, as these factors will influence Ripple XRP’s future direction. 

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