XRP price started a fresh increase above the $2.220 zone this week. The cryptocurrency gained momentum as bulls pushed the price to a high of $2.286 before entering a consolidation phase.
XRP Price
The price is currently trading above $2.20 and the 100-hourly Simple Moving Average. A bullish trend line has formed with support at $2.180 on the hourly chart.
XRP began its upward move after clearing the $2.10 and $2.120 levels. The rally outpaced both Bitcoin and Ethereum during the initial phase. Bulls managed to push the price above the $2.220 zone before the cryptocurrency entered a short-term correction.
The current correction saw XRP move below the 23.6% Fibonacci retracement level. This retracement is measured from the $1.817 swing low to the $2.286 high. The price now holds above key support levels.
If XRP continues its upward move, the price might face resistance near $2.2650. The first major resistance sits at $2.280. Above this level, the price could test $2.350.
A clear move above $2.350 might send XRP toward $2.450. Further gains could push the price to $2.50, with the next major hurdle at $2.550.
XRP surged over 2% following the debut of America’s first spot exchange-traded fund tracking the cryptocurrency. The Rex-Osprey XRP ETF attracted nearly $25 million in trading volume within its first 90 minutes of operation.
Bloomberg analyst Eric Balchunas expressed surprise at the robust initial performance. The trading volume exceeded expectations by five times compared to XRP futures ETFs on their launch days.
The XRP token currently trades at $3.11. This positions the cryptocurrency approximately 15% below its July all-time high of $3.65.
Rex Shares and Osprey Funds structured their product under the Investment Company Act of 1940. The fund utilizes a Cayman Islands subsidiary approach. This differs from traditional spot ETFs that hold underlying assets directly through Securities Act registration.
Multiple firms have filed XRP ETF applications awaiting SEC approval. Bitwise, Canary Capital, and WisdomTree are among the companies seeking authorization. These applications follow the conventional Securities Act pathway.
Decision deadlines for these applications fall between October 18-25. The SEC recently approved generic listing standards for commodity-based trusts. This regulatory development creates streamlined pathways for qualifying products.
XRP benefits from recent legal clarity following the conclusion of Ripple’s lawsuit with regulators. The court confirmed that programmatic sales of XRP do not constitute securities transactions.
Analysts project strong institutional interest based on early trading patterns. Investors show 60% confidence in XRP reaching $4. The CME Group plans to introduce options on XRP futures starting October 13, pending regulatory review.
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