XRP is moving toward a significant milestone with the recent listing of its spot exchange-traded funds (ETFs) on the Depository Trust and Clearing Corporation (DTCC). This designation positions the funds for trading, contingent upon final approval from the U.S. Securities and Exchange Commission (SEC).
XRP Spot ETFs Listed on DTCC
The listing of these ETFs demonstrates that the fund managers have completed critical preparatory work. While this is a significant step, it does not equate to approval from the SEC. The ETF offerings listed include:
- Bitwise XRP ETF (XRPUSDT)
- Canary XRP ETF (XRPC)
- Volatility Shares XRP ETF (XRPI)
- ETF Opportunities T-REX 2x Long XRP (XRPK)
- CoinShares XRP ETF (XRPL)
- Amplify XRP 3% Monthly ETF (XRPM)
- ETF Opportunities T-REX Osprey XRP (XRPR)
- Volatility Shares 2x XRP ETF (XRPT)
- Franklin XRP ETF (XRPZ)
- 21Shares XRP ETF (TOXR)
Current Status and Market Analysis
As XRP awaits the government to resume operations, holders are looking for clarity from the SEC on the ETF approvals. Despite the impending ETF launch, XRP continues to face substantial resistance in the market. Recent blockchain data indicates that XRP’s supply on exchanges has diminished significantly, the lowest level observed since early 2021.
In addition, the number of wallets containing between one million and ten million XRP has reached a record high. This trend typically precedes price surges, reminiscent of patterns seen before Bitcoin’s and Ethereum’s ETF approvals when large investors accumulated tokens well in advance.
XRP Price Trends
XRP finds itself in a bearish market cycle, characterized by a long-term downward trend. The weekly charts demonstrate ongoing weakness, while daily trends hint at potential short-term recovery opportunities. Despite these indications, XRP is struggling to break through resistance levels between $2.30 and $2.40. All attempts to surpass these levels have faced rejection, resulting in a confined trading range.
If XRP can manage to break above the $2.40 mark and maintain its position, there is potential for upward movement toward the next resistance levels of $2.60 to $2.70. Until such a breakthrough occurs, continued sideways action is likely, with limited relief from the current bearish trend.
FAQs on XRP ETFs
- What does the DTCC listing mean for XRP spot ETFs? It signifies that ETFs are prepared for trading, pending SEC approval.
- Are XRP spot ETFs approved by the SEC yet? No, they are still awaiting SEC approval after the government reopens.
- Why is the XRP price struggling despite ETF progress? XRP remains in a bearish trend and faces strong resistance near $2.30 to $2.40.
- What could signal a bullish breakout for XRP? A strong move above $2.40 could pave the way towards $2.60 to $2.70.
