XRP News Today: ETF Inflows Lift XRP Above $2 After Four-Day Slide

XRP extended its losing streak to four consecutive days on Saturday, November 22. Bitcoin (BTC) fell for a fourth successive session, dragging the broader crypto market into negative territory.

Reports of an MSCI consultation paper considering the reclassification of digital asset treasury companies (DATs) overshadowed XRP-spot ETF inflow trends.

However, solid weekly inflows into XRP-spot ETFs and renewed bets on a December rate cut lifted sentiment. The token recovered from a Saturday, November 22, low of $1.8898, and broke above the $2 psychological level in early trading on Sunday, November 23.

 

XRP-Spot ETFs Outshine BTC-Spot and ETH-Spot ETFs

Canary XRP ETF (XRPC) and Bitwise XRP ETF (XRP) reported weekly net inflows of $179.6 million in the reporting week ending November 21. Notably, the XRP-spot ETF market outmuscled BTC-spot and ETH-spot ETFs, which saw weekly net outflows of $1.22 billion and $500.2 million, respectively.

Since November 14, the XRP-spot ETF market has reported total net inflows of $422.66 million despite adverse crypto market conditions. Crucially, solid inflows came from just two spot ETFs, with Franklin Templeton, currently the largest XRP-spot ETF issuer, set to launch its ETF on Monday, November 24.

Notably, Bitwise flipped the Canary Capital to become the largest US XRP-spot ETF by daily trading volume on Friday, November 21. Bitwise position looks tenuous, with Franklin XRP ETF’s imminent launch in focus. The Grayscale XRP ETF is set to launch alongside the Franklin XRP ETF on Monday.

Optimism Grows Ahead of Franklin XRP ETF Launch

Crypto commentator Chad Steingraber commented on Franklin Templeton’s XRP-spot ETF launch, stating:

“Yes, Franklin Templeton is a massive $1.5 trillion traditional asset manager, but they are also more on the conservative side. Expect decent opening numbers, but know that they will build a base and begin having advisors push the fund once it has been trading with a history to back up their recommendations. Keep in mind, this fund will ramp up over time due to their size.”

Analysts expect demand for XRP-spot ETFs to surge given the token’s utility component. Crypto commentator Black Swan Capitalist, with over 90,000 followers on X (formerly Twitter), commented:

“Holding XRP is basically owning a seat on the lifeboat before everyone realizes the ship is sinking. When the debt bubble pops and the speculation layer collapses, XRP won’t follow the market, it will separate from it.”

Paul Barron recently commented on XRP utility, stating that the token will replace TradFi in the next few years. Barron highlighted the token’s key attributes, which included:

• Only asset without a counterparty.
• Bridge asset routing all trades behind the scenes.
• Every new stablecoin/RWA increases XRP usage automatically.

Ripple CEO Brad Garlinghouse underscored the importance of XRP to the firm’s expansion plans, stating:

“I’m reminding you all that XRP sits at the center of everything Ripple does. Lock in.”

Technical Outlook: Key XRP Price Levels

XRP slipped 0.04% on Saturday, November 22, following the previous day’s 2.38% fall to close at $1.9502. The token outperformed the broader market, which fell 0.30%. However, the token was up 4.09% to $2.0300 in early trading on Sunday, November 23.

Despite early gains on Sunday, November 23, the token remained well below the 50-day and 200-day Exponential Moving Averages (EMAs), signaling a bearish bias.

Looking ahead, several scenarios are likely to influence XRP’s price trajectory.

Key technical levels to watch include:

• Support levels: $2, $1.9112, and $1.8205
• 50-day EMA resistance: $2.3969.
• 200-day EMA resistance: $2.5339.
• Resistance levels: $2.2, $2.35, $2.5, $2.62, $2.8, $3.0, and $3.66.

Catalysts to Watch in the Sessions Ahead

Near-term price events include:

• Canary and Bitwise XRP ETF flows.
• Franklin and Grayscale XRP ETF launches.
• Blue-chip companies’ views on XRP as a treasury reserve asset.
• Ripple’s application for a US-chartered bank license.
• The progress of the Market Structure Bill on Capitol Hill.

Bearish Scenario: Risks Below $2.0

• Spot ETFs report net outflows.
• The US Senate opposes crypto-friendly legislation, including the Market Structure Bill.
• Blue-chip companies dismiss XRP as a treasury reserve asset.
• OCC delays or rejects Ripple’s US-chartered bank license.

These bearish scenarios could push the token toward $2.0. If breached, $1.9112 would be the next key support level. A drop below $1.9112 could expose the November 21 low of $1.8205. Notably, the token had printed lower highs and lower lows ahead of the Sunday rally, a bearish signal.

Bullish Scenario: Path to $2.5 Brightens

• Spot ETFs report strong inflows.
• Blue-chip companies acquire XRP for treasury reserve purposes.
• Ripple secures a US-chartered bank license.
• The US Senate passes the Market Structure Bill.

A breakout above the $2.2 resistance level would open the door to testing the $2.35 resistance level. A sustained move through $2.35 may bring the 50-day EMA into play. Buyer demand at the $2.0 psychological support level will be crucial in the coming sessions.

Outlook: $2.0 Emerges as Critical Support

XRP-spot ETF flows have bolstered sentiment ahead of Franklin Templeton’s high-profile launch. Franklin XRP ETF’s day one trading data could be a litmus test for BlackRock (BLK), which has yet to file for an XRP-spot ETF.

However, traders should also closely monitor Fed speakers and incoming US economic data. Rising support for a December Fed rate cut could send the token higher. Lower borrowing rates may boost liquidity and demand for risk assets.

The next 48 hours could determine whether the token reclaims $2.5 or resumes its downward tailspin toward $1.5.