XRP Price is Rising on ETF Expectations

The price of XRP has recently increased by 3.6 percent, rising to $2.31 amid ETF expectations. This situation has prompted institutional investors to refocus on XRP. The price gained strong momentum by breaking through the critical resistance of $2.28. Additionally, the trading volume being over 86 percent of the 24-hour average is one of the impressive reasons behind this rise.

An important development contributing to XRP's rise is Canary Capital Group's XRP ETF application. The company submitted an updated prospectus to the U.S. Securities and Exchange Commission (SEC) for a fund that will trade on Nasdaq under the code “XRPC.” This step came after a similar application by 21Shares. Bloomberg analyst Eric Balchunas indicates that these two applications could lead the SEC to make a significant decision regarding XRP ETFs.

With increasing institutional interest, the XRP network recorded its strongest growth in the last 48 hours, creating 21,595 new wallets. During this period, approximately 900,000 XRP was moved to exchanges; however, it has been observed that overall exchange reserves remain at historically low levels. Analysts consider this high-volume rise as more of a repositioning by institutions rather than a speculative move.

Technical indicators show that the breakout above the $2.28 level has strengthened the upward channel. The condition of the indicator values suggests that if XRP remains above $2.30, the upward trend may continue. According to analysts, a close above $2.35 could allow the price to climb to the range of $2.54–$2.80. Otherwise, the $2.13–$2.15 region may be tested again.

Finally, if the ETF applications enter an automatic approval process, XRP has the potential to become the third-largest cryptocurrency with a spot ETF in the United States. This situation could accelerate institutional demand and pave the way for new price discoveries in the last quarter of the year.