.png){kind=logo}
XRP price remains in the spotlight with the crypto community anticipating the ruling of the US Securities and Exchange Commission (SEC) regarding the future spot XRP ETF filings that were to be announced in October this year. The token has been trading at an average of $2.88 lately, with some indication of consolidation despite a 4% depreciation over the course of this week.
Over the past few days, seven asset managers have shown plans to file XRP-based Exchange Traded Funds (ETFs) between October 18 and 25, prompting speculation. Coinglass reported that trading volume in XRP futures rose 17% in the last 24 hours, and open interest increased by 3%. These signs suggest growing attention ahead of potential regulatory decisions.
Traders and institutions have taken up more XRP due to the potential of ETF approval. Analysts note the token's adherence to the generic listing standards, which is a condition that can allow the token a more effortless route to ETF listing.
According to Bloomberg analyst James Seyffart, as reported by Yahoo! Finance, XRP and Cardano, as well as Solana, are included in the list of projects that could be added to future crypto ETF offerings should the SEC broaden its focus.
Meanwhile, institutional accumulation is stable. According to market data, 340 million XRP tokens have been transferred into institutional portfolios over the last several weeks. This implies a long-term strategy, despite the volatility. Some analysts see this trend as an indication of increasing confidence in XRP's regulatory clarity in the wake of Ripple's partial legal settlement with the SEC.
Technical analysis indicates that XRP price consolidates between two critical levels, where the resistance and support levels are $3.07 and $2.70, respectively. The Relative Strength Index (RSI) is neutral, indicating no favored market sentiment. Bollinger Bands have narrowed, and volatility is building up, hinting at a potential breakout or breakdown.
An upward movement that surpasses $3.07 might push the price up to $3.20 or $3.45 in case the ETF speculation gains momentum. Conversely, a fall below $2.70 could lead to a drop to $2.50, especially if macroeconomic factors are influential or if short-term traders have leveraged positions. The price has remained in a 47-day consolidation phase, which often signals an upcoming larger move.
Also Read: Best Crypto to Buy This Week: Bitcoin, XRP and MAGACOIN FINANCE Flagged for 25x
