XRP price has entered a phase of steady consolidation, staying within a tight trading range above $0.53. Despite a downturn impacting the broader cryptocurrency market, XRP has maintained its ground, suggesting a period of stability for the Ripple. 

A modest uptick over the past week has sparked renewed interest. Adding to the positive sentiment, 21Shares has filed for an XRP exchange-traded fund (ETF), potentially marking a significant step in the asset’s adoption. 

Ripple (XRP) Price Steadfast Despite ETF 21Shares’ ETF Announcement

Asset manager 21Shares has recently applied for approval of a spot exchange-traded fund (ETF) linked to XRP with the U.S. Securities and Exchange Commission (SEC). The Nov. 1 filing aims to list the 21Shares Core XRP Trust on the Cboe BZX Exchange, allowing investors indirect access to the XRP market. 

Although the ETF would not directly expose XRP, it offers a structured entry point into the cryptocurrency space through a regulated channel.

Unlike Bitcoin and Ether, XRP remains untouched by Grayscale’s crypto products, which saw large outflows following ETF approvals in 2024.

While the SEC has approved spot Bitcoin and Ether ETFs this year, it has not yet addressed applications for XRP-focused ETFs. This delay likely stems from the ongoing legal case between the SEC and Ripple Labs, where appeals continue over a ruling that XRP’s programmatic sales are not securities. 

Coinbase Custody Trust Company will act as the custodian for the XRP holdings within the ETF if approved. Other asset managers, including Bitwise, have filed for similar XRP ETFs ahead of 21Shares.

XRP Price Prediction Is $0.8 Next In November?

The latest XRP price is trading near the $0.51 mark, showing signs of consolidation in recent sessions.

If buying pressure builds, XRP could aim for the $0.6 level. Breaking this point would likely attract bullish interest, potentially driving the price toward $0.7. Some optimistic analysts foresee the possibility of XRP climbing as high as $0.8 if broader market conditions remain favorable.

The Moving Average Convergence Divergence (MACD) indicator displays a slight bearish crossover, suggesting the potential for short-term price fluctuations. However, the MACD histogram shows minimal negative divergence, indicating that selling pressure remains limited. 

XRP Price Chart: TradingView

XRP’s resilience amid broader market turbulence and the ETF filing have boosted investor sentiment. Approval of the 21Shares XRP ETF could drive additional adoption. If positive momentum continues, XRP could target $0.7, with a potential upside toward $0.8 in November.

The post XRP Price Prediction As 21Shares Files XRP ETF appeared first on CoinGape.

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Filed under: News - @ November 2, 2024 12:28 pm