XRP traded at $2.39 on November 11, 2025, as market analyst Egrag Crypto predicted a sharp price rally within six weeks based on historical trading patterns. The forecast coincided with Canary Capital's regulatory filing to launch the first spot XRP exchange-traded fund in the United States, with trading expected to begin November 14.
Key Developments to Note:
- •Analyst Egrag Crypto projects XRP gains of 300% to 1,400% within four to six weeks, citing similar patterns from 2017 and 2021 rallies.
- •Canary Capital filed Form 8-A for a spot XRP ETF, with Nasdaq approval expected to enable trading on November 14, 2025.
- •XRP declined 3% in 24 hours to $2.39, trading near the bottom of what technical analysts identify as a descending triangle pattern.
Historical Patterns Inform Price Projections
Egrag Crypto, a cryptocurrency analyst with a substantial following on social media platform X, identified XRP's current position at the base of a descending triangle formation. He compared the setup to two previous market cycles that produced substantial gains.
The 2017-2018 rally saw XRP climb from $0.097 to $3.84 over approximately three months.
The 2021 surge pushed the token from below $0.45 to above $1.90 within two monthly candlesticks.
"Mark my words: XRP will usually melt faces within 4–6 weeks, and history backs it up with evidence," Egrag wrote in his analysis, setting a cycle target range of $10 to $37.
The analyst addressed recent sentiment shifts among traders. "I see traders chickening out, scared to lose their 10x gains," he stated, adding that profit protection represents a reasonable strategy. Several market observers republished portions of his technical analysis, suggesting XRP is testing investor conviction during a consolidation period.
ETF Development Advances Through Regulatory Process
Canary Capital submitted Form 8-A to federal regulators, completing a procedural requirement for listing shares of a spot XRP exchange-traded fund. Crypto reporter Eleanor Terrett reported the filing would become effective at 5:30 p.m. Eastern Time on November 13 following Nasdaq certification.
The approval would allow the first spot XRP ETF to begin trading when U.S. markets open on November 14, 2025. Exchange-traded funds provide institutional and retail investors with regulated exposure to underlying assets without direct ownership.
The structure eliminates custody concerns and simplifies tax reporting for participants.
Market observers note that ETF launches can increase trading volume and price volatility, though the magnitude of such effects varies. The development represents a regulatory milestone for XRP, which has faced legal scrutiny regarding its classification as a security.
Market Context and Technical Considerations
Technical traders monitor XRP's position within the triangle pattern, watching trading volume for signals of directional movement. The descending triangle typically forms during downtrends and can precede either continuation or reversal patterns depending on breakout direction.
Current market conditions differ from the 2017 and 2021 environments that produced the historical rallies Egrag cited. Cryptocurrency markets now feature higher daily trading volumes, expanded derivative markets, and different regulatory frameworks across jurisdictions. These factors can influence price behavior in ways that historical comparisons may not capture.
A descending triangle occurs when an asset's price forms lower highs while maintaining a horizontal support level, creating a pattern that resembles a right triangle. Traders interpret volume patterns and price action near the support line to assess breakout probability. The pattern resolves when price breaks decisively through either the support level or the descending resistance line.
Concluding Remarks
XRP faces potential catalysts from both technical patterns and regulatory developments. Analyst projections based on historical price movements suggest significant gains within weeks, while the pending ETF launch could alter market structure. The token declined 3% to $2.39 in the 24 hours preceding the analysis.