XRP rises on ETF expectations, reigniting market optimism.
- XRP appreciates as ETF regulatory advances
- Investors are accumulating again ahead of possible approval.
- The market projects a rise if XRP breaks through US$2,70.
XRP (CRYPTO: XRP) rose 2% on Friday (31), trading near US$2,51, after positive signs about its anticipated spot ETF rekindled investor enthusiasm. The update on Canary Capital's registration process fueled the perception that official approval may be near, stimulating a buying movement after a period of stability.
According to market information, Canary Capital has modified the S-1 form for the XRP ETF, removing the "deferral amendment." This change allows the document to automatically take effect, with the expected launch date set for November 13th. Investors have interpreted this move as an indication that regulatory approval is imminent, reigniting institutional interest in the digital asset.
The data of coinglass Data shows that XRP saw net inflows of $3,96 million on October 31st—the first significant buying movement in over a week. While the volume is still modest compared to the peaks of $200 million recorded in July, the return of buying flow suggests a gradual reactivation of interest ahead of the ETF's debut.
From a technical standpoint, XRP remains above the 0,382 Fibonacci level at $2,43 and is testing the 20-day exponential moving average (EMA) near $2,54. The chart indicates a descending triangle, with resistance at $2,66 (50-day EMA) and support around $2,30. Should a decisive break above $2,72 occur, the asset could target the $3,25 range, where the 0,786 retracement and the upper line of the pattern converge.
The Relative Strength Index (RSI) rose to 46,3, showing reduced selling pressure and reinforcing the outlook for stability. The recovery of major cryptocurrencies reinforces the positive sentiment, with buyers targeting the resistance zone between $3,00 and $3,20 ahead of the XRP ETF launch.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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