XRP has been maintaining its position near the $3 mark as excitement grows ahead of the launch of the first-ever spot XRP ETF. Currently, XRP is priced at $3.00 with a market capitalization of approximately $179 billion, reflecting a 0.9% increase over the past week. In comparison, Bitcoin stands at $115,005.74, with a market cap of $2.29 trillion, while Ethereum is priced at $4,499.66 and has a market cap of $543.1 billion.
Crypto chart analyst Ali Martinez noted that XRP is “ready to bounce,” following a TD Sequential indicator that has issued a buy signal. Additionally, Cryptoinsightuk reported that XRP closed above its previous weekly all-time high, which could indicate a potential breakout from a long-term downtrend. Traders are now closely watching for a bullish cross on the weekly Relative Strength Index (RSI) as confirmation of this trend.
In a noteworthy development, Martinez highlighted that whales have offloaded nearly 160 million XRP in the last two weeks. This movement has led to speculation regarding whether large holders anticipate a downturn or are simply capitalizing on recent gains. Despite this, data from Coinglass revealed that $12.67 million in liquidations occurred over the past 24 hours, with $10.8 million coming from long positions. This suggests that traders remain largely optimistic about XRP’s future, despite the recent pullback.
On the community front, REX Shares has confirmed that the REX-Osprey XRP ETF (XRPR) will make its debut this week. This fund represents a significant milestone as the first U.S. ETF to offer a direct spot exposure to XRP, the third-largest cryptocurrency in the world. According to the SEC filing, the ETF will allocate 80% of its assets in XRP, managed through a subsidiary in the Cayman Islands, with the remaining 20% invested in cash and cash equivalents, including U.S. Treasuries and money market funds.
As the cryptocurrency market continues to evolve, traders and investors are anticipating how the introduction of the XRP ETF will impact prices and trading dynamics in the near future.
