Can XRP Inch Higher as XRPC ETF Gets $26m Flows?

XRP (XRP) has managed to stay afloat despite today’s market-wide pullback as the first pure spot exchange-traded fund (ETF) for the token made a successful debut.

According to Bloomberg’s ETF expert, Eric Balchunas, Canary Capital’s XRPC ETF saw $26 million in trading volumes within the first 30 minutes after it hit the trading floor.

Eric Balchunas Official X Account – Source: X:com

Balchunas thinks that XRPC could beat the recently launched Bitwise Solana Staking ETF (BSOL) for the best first day if interest remains this strong throughout the rest of the session.

Before XRPC arrived, the only XRP-linked vehicle that offered some sort of spot exposure to the token was the REX-Osprey XRP ETF (XRPR). This fund had attracted over $120 million in assets in just a few weeks, but partially invested in futures.

XRPC will invest in XRP directly. The fund picked Bitgo and Gemini as custodians for the tokens. It will charge a 0.25% sponsor fee on the amount of assets under management.

Alongside XRPC, a flood of XRP ETFs is expected to be approved soon, including vehicles from Franklin Templeton, CoinShares, and 21Shares.

XRP has gone up by 2.1% in the past 24 hours and currently sits at $2.4, even though most of the market is plummeting.

Crypto Liquidations Spike Despite the End of the Shutdown

Yesterday, President Donald Trump signed a bill that finally put an end to the longest government shutdown in the history of the country. Although the market should have greeted the news, bearish momentum seems to persist no matter what.

The Fear and Greed Index currently stands at 25 and will likely drop to even lower levels if the sell-off accelerates.

Crypto Liquidations – Source: CoinGlass

In the past 3 days, a total of $1 billion worth of long positions have been wiped out as a result of the latest downturn. Meanwhile, liquidations spiked to $172 million in the last 4 hours alone.

Apart from the launch of this ETF, Ripple recently announced during its Swell conference that it received a $500 million investment from a group of venture capitalists. As a result, the development company supporting the XRP Ledger is currently valued at $40 billion.

As institutional support increases, the long-term outlook for XRP remains positive.

XRP Finds Strong Support at $2.2

The daily chart shows that a falling wedge has been forming lately. The price has bounced after hitting the $2.2 level, making this the key level to watch moving forward.

XRP/USD Daily Chart (Binance) – Source: TradingView

It would be nice to see XRP rising above its 200-day exponential moving average (EMA) as this would reverse the token’s downtrend. A move toward $2.6 could set off a rally toward $3 in just a few days.

However, this is harder than it sounds in these conditions. The market has adjusted the odds that the Fed will cut rates in December from 91.1% to just 50% at the time of writing. These kinds of changes are not usually welcomed with good spirits.

The Relative Strength Index (RSI) has sent a buy signal upon rising above the 14-day moving average, but it is still too early to determine if this will be the beginning of another leg up or if XRP will succumb to this renewed wave of negative momentum.