Key Insights
- •XRP maintains strong support at $2.15, with potential for a move towards $2.40–$2.70.
- •Whale activity and a new ETF launch are contributing to market volatility for XRP.
- •Franklin Templeton’s ETF launch is anticipated to increase demand and potentially drive XRP prices higher.
XRP has managed to maintain crucial support at the $2.15 level despite recent fluctuations in the market. Traders are observing if the coin can stay above this level, which could indicate further upward movement. XRP is holding strong at the $2.15 level, which could set the stage for a potential move toward 2.70.
XRP Maintains Crucial Support Level
XRP has been maintaining strong support at the $2.15 mark, with traders closely watching whether it can hold this level. A move toward the $2.40 to $2.70 range is now considered possible if it continues to stay above this crucial price. Recent fluctuations have stirred both optimism and caution in the market.
XRP is trading at approximately $2.16, with a 24-hour trading volume exceeding $5.5 billion. The cryptocurrency has seen a slight decline of 0.79% in the last 24 hours. Analysts have pointed out that $2.15 remains a strong support level for XRP. If this level holds, XRP could see further price gains in the coming days.
Impact of Whale Activity and ETF Launches on XRP
In recent days, XRP whales have sold large quantities of the asset, unloading 200 million XRP within just 48 hours of the launch of a new exchange-traded fund (ETF). This sale of a significant amount of XRP has put downward pressure on the price, despite strong inflows from other traders.
As noted by Coin Bureau, “Whales unloading 200M $XRP have dragged the price down.” The sudden surge in supply, combined with the excitement around the ETF launch, has created volatility. Market participants are still trying to assess how these factors will influence XRP’s price in the short term.
Franklin Templeton Launches Spot XRP ETF
On the other hand, there is growing attention around Franklin Templeton’s launch of its spot XRP ETF (EZRP). This new financial product has stirred optimism in the market, with some analysts predicting that it could push XRP to new highs. Steph highlighted “XRP to $5 seems fair,” suggesting that the ETF could contribute to a rally in the coming days.
XRP to $5 seems fair
Steph
The ETF’s launch comes at a time when the crypto market is still adjusting to the recent whale sell-off. Some investors are hopeful that the ETF could bring stability and increased demand for XRP, helping it reach higher price levels.