- XRP trading activity is rising, shifting focus beyond traditional payments.
- XRP Spot ETF applications could significantly boost price and market exposure.
XRP, currently trading at $0.5075, witnessed a minor 0.48% surge over the past 24 hours. This upward movement aligns with the broader crypto market, which recorded a slight 0.09% uptick after experiencing losses throughout the day. However, XRP had previously dropped to a ten-day low of $0.4917.
Meanwhile, over recent months, the XRP Ledger has seen a significant transformation in network usage. Research revealed a substantial rise in trading activities, with payment transactions now comprising only 44% of total activity, down from 88% earlier this year. The OfferCreate feature has notably gained traction, indicating a growing focus on decentralized exchange (DEX) functionalities and asset issuance, suggesting Ripple’s increasing diversification beyond payments.
Moreover, the possibility of an XRP Spot Exchange-Traded Fund (ETF) has generated considerable interest. On 1 November, 21Shares submitted its Spot ETF application for XRP, intending to list on the Cboe BZX Exchange. This marks the latest filing in a series of ETF applications from prominent firms like Bitwise and Canary Capital. Should the U.S. Securities and Exchange Commission (SEC) approve these, it’s exposure could mirror that of Bitcoin and Ethereum, both of which have established Spot ETFs.
XRP Bulls To Pull A Rally?
Technically, it is grappling with the 50-day and 200-day moving averages, both hovering around $0.55. A Spot ETF approval could provide the necessary catalyst for it to breach these resistance levels and potentially target $0.60 or higher. Key support remains at the $0.50 zone.
Additionally, Grayscale has opened its XRP Trust to eligible investors, marking a strategic move that could precede an ETF launch. Grayscale’s earlier success with Bitcoin-based ETFs adds weight to this strategy, although the XRP Trust initially saw price declines upon trading.
As anticipation builds, the SEC remains silent on ETF approvals, maintaining ambiguity around potential outcomes. A confirmed decision could either propel XRP into a significant rally or create further uncertainty in the market.
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