- Bitwise recently announced the launch of an $XRP ETF Trust, meaning an $XRP ETF is in the making.
- Ripple’s open interest shot past $1B over the weekend, and its spot trading volume is nearing $3B.
- Crypto analyst Carl Runefelt identified a bullish triangle pattern in $XRP’s performance chart.
It seems the time has come for another crypto ETF to hit the market.
Ripple ($XRP) is next, judging by Bitwise’s creation of an $XRP ETF Trust. The fund manager officially filed for a spot ETF on Monday.
Meanwhile, the coin’s trading volume exploded in the last 24 hours (+65%), reaching $2.8B. $XRP is currently priced at $0.602, a 2.46% increase in the last week.
CoinGlass data shows that open interest in $XRP shot up to over $1B during the weekend, with spot trading volume sitting above $2B.
Back in May 2024, Ripple CEO (Brad Garlinghouse) claimed an $XRP ETF is ‘inevitable,’ and it looks like he was right.
Let’s see what happened and when the $XRP ETF will hit the market.
$XRP Shines Through, Despite the SEC’s Hounding
The SEC tried putting Ripple into the ground, accusing the company of violating security regulations. While the court dismissed these accusations, it still issued Ripple a $125M fine.
However, that didn’t deter Ripple. The legal ‘victory’ brought significant market optimism, with some analysts even predicting a price range of $16–$20 if $XRP overcomes key resistance levels.
Now, Bitwise filed for a spot $XRP ETF and officially confirmed the request came from them. This was reassuring for investors, given that several illegitimate filings had previously pumped the token’s price.
An $XRP ETF trust is in the making – that much is clear. But this won’t necessarily lead to the ETF’s listing. That’s a longer process, but it’s a solid first step in that direction.
Grayscale also seemed interested in launching an $XRP ‘closed-end’ fund for accredited investors.
If the SEC approves it, $XRP will become the third crypto ETF in the world. And considering how well $BTC and $ETH ETFs did, Ripple could be looking at massive advances in the future.
Ripple’s Open Interest Dynamited Expectations – Over $1B
Open interest in $XRP shot past the $1B mark, indicating strong market activity. Despite falling to around $945B, the prevailing market sentiment is positive.
The spot trading volume is also nearing $3B, with a 65% increase in the last 24 hours. Everything points to an $XRP rally, which will likely pick up speed as more ETF-related news pops up.
The last time Ripple’s open interest touched the $1B mark was in March, making this move particularly optimistic.
Carl Runefelt, a crypto analyst going by ‘The Moon’ on YouTube, showcased a bullish triangle pattern on $XRP’s chart.
On the other hand, Ripple still hasn’t fully broken through the $0.6 resistance level, which could mean one of two things:
- Either it’s building up momentum for a decisive breakthrough
- Or it’s going to retest the $0.55 support level
Which is it going to be?
Looking Ahead – $XRP as the Likeliest Third ETF in the World
Ripple’s position as the third ETF in the world is more or less decided. We’re simply waiting for the process to unfold and the SEC to give the green light.
As for $XRP’s performance, it could be bullish in the coming days, depending on upcoming news about its ETF. Until then, we’ll have to wait and see.
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Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
