Speculation surrounding XRP’s price and the impending launch of the XRP spot ETF has intensified following REX Shares’ announcement on September 15 that the REX-Osprey XRP ETF (ticker: XRPR) will commence trading this week. Should this be confirmed, it will represent the first U.S. fund providing direct exposure to XRP, which is currently the third-largest cryptocurrency by market capitalization.
Many in the crypto community have expressed optimism, believing that positive developments, including the potential settlement of the SEC case against XRP, will drive the price to new heights, potentially surpassing $10. However, some investors are left questioning why the anticipated surge in value has not materialized, even with significant news around the ETF and other market movements.
As the announcement circulates, critiques are emerging from industry experts. Nate Geraci of Novadius Wealth Management termed the ETF a “clever regulatory end-around,” while Bloomberg analyst James Seyffart noted that the ETF’s structure is a hybrid, blending direct XRP holdings with exposure through foreign ETFs, which may not deliver the pure spot exposure investors are expecting.
Concerns have been voiced within the XRP community about the potential failure of the ETF to generate the anticipated enthusiasm, with some users remarking that current sentiment seems to be driven by mere hope rather than clear indicators of promise. One prominent commenter expressed skepticism, suggesting that despite existing speculation, the market may dissipate into a “nothingburger.”
XRP’s recent price action shows it stabilizing around $3.02 after rebounding from significant selling pressure. Observations indicate that $3.01 is a critical support level, adding that a drop below this could lead to further declines toward the $3.00 mark, while resistance is noted at $3.04-$3.05, where a breakout could initiate a bullish momentum.
Technical analysis suggests a “Golden Cross” scenario with the 20-day simple moving average recently surpassing the 200-day average, although the current flattening indicates market indecision. Analysts are closely monitoring these levels to gauge the next direction for XRP.
Notably, there are also discussions regarding a significant legislative development known as the Clarity Act, which aims to establish clearer regulations for digital assets, including Bitcoin and XRP. It is anticipated that Congress may pass this act between Thanksgiving and Christmas, which could significantly impact the market landscape.
While XRP faces uncertainty in its price trajectory amid the launch of the ETF, other cryptocurrencies are also capturing attention. Bitcoin Hyper, a new Bitcoin layer-2 chain integrating the Solana Virtual Machine for enhanced transaction efficacy, is generating buzz as it aims to broaden Bitcoin’s application in decentralized finance and gaming.
Investors are currently contributing to Bitcoin Hyper’s initial coin offering, appreciating its promise of Bitcoin-grade security combined with the throughput of Solana’s ecosystem. As the crypto landscape continues to evolve, all eyes remain on how these developments will influence both XRP’s future and broader market trends going forward.
