XRP News Today: Franklin ETF Surge Bets Lift XRP After Seven-Day Slump

XRP snapped a seven-day losing streak on Tuesday, November 18, as market focus shifted to XRP-spot ETFs. The token experienced its longest losing streak since 2023 ahead of the imminent launch of Franklin Templeton and Bitwise’s XRP ETFs.

Dip buyers returned after an extended losing streak, with ETF launches and progress toward crypto-friendly legislation boosting sentiment.

Notably, Bitcoin (BTC) bounced back from sub-$90,000 to close the Tuesday session in positive territory, bolstering demand for XRP. Bitcoin continues to dictate broader crypto market trends as the barometer of sentiment.

Market intelligence platform Santiment commented on market conditions, stating:

“Bitcoin, Ethereum, and XRP are all showing good signs of a potential rebound with retail dumping on all three. Prices move the opposite direction of small wallets’ behavior. So we’re keeping an eye on retail traders continuing to panic sell as a positive sign for crypto’s recovery.”

According to Santiment, XRP wallets with less than 100 XRP have dumped 1.38% of holdings since the start of November.

Franklin XRP ETF Prepares for Launch

XRP broke above the crucial $2.2 level on Tuesday, signaling the potential beginnings of a recovery from November’s losses.

Franklin Templeton filed an 8-A to launch the Franklin XRP ETF (XRPZ) potentially on Wednesday, November 19. The 8-A filing was the final step in the launch sequence.

Analysts expect the Franklin XRP ETF to draw significantly more demand than the Canary XRP ETF (XRPC), given the asset manager’s substantial $1.5 trillion in assets under management. Prominent crypto commentator Jungle Inc Crypto News commented on the significance of the Franklin XRP ETF launch, stating:

“Analysts now project Franklin Templeton’s XRPZ could hit $150M-$250M in DAY ONE volume: as much as 5x the massive debut of Canary’s XRPC ETF. With Franklin entering the arena and several other issuers lining up XRP ETFs, institutional exposure is widening faster than most people realize.”

The crypto commentator underscored the significance of the upcoming sessions, adding:

“The next few weeks will show whether this demand starts to surface – or if the real flow is still ahead of us.”

Franklin XRP ETF’s launch will face heightened scrutiny given November’s $2.58 billion in outflows across BTC-spot ETFs.

Market Structure Bill Edges Closer to Senate Vote

While Franklin XRP ETF-related filings grabbed the headlines, legislative updates from Capitol Hill were also crucial.

Crypto In America host Eleanor Terrett shared the latest developments on the Market Structure Bill, stating:

“Senator Tim Scott, previously mum on the Banking side of market structure, revealed a timeline today: markups and votes in both Banking and AG committees next month, with legislation expected on the Senate floor early next year.”

Why do XRP traders need to closely monitor the Market Structure Bill’s progress on Capitol Hill?

XRP soared 14.69% on July 17 after the House passed the Market Structure Bill to the Senate. Crypto-friendly legislation could follow the launch of XRP-spot ETFs, potentially boosting institutional demand.

Technical Outlook: Key XRP Price Levels

XRP rose 2.49% on Tuesday, November 18, reversing the previous day’s 2.38% loss to close at $2.2179. The token outperformed the broader crypto market, which gained 1.46%.

Despite Tuesday’s recovery, XRP continued trading below the 50-day and 200-day Exponential Moving Averages (EMAs), affirming bearish momentum.

Looking ahead, several price action catalysts could extend the recovery, potentially driving XRP toward $2.5.

Key technical levels to watch include:

• Support levels: $2.2, $2.0, and $1.9.
• 50-day EMA resistance: $2.4726.
• 200-day EMA resistance: $2.5574.
• Resistance levels: $2.35, $2.5, $2.62, $2.8, $3.0, and $3.66.

Catalysts to Watch in the Sessions Ahead

Near-term price catalysts include:

• FOMC Meeting Minutes, Fed speakers, and policy signals.
• Franklin XRP ETF and Bitwise XRP ETF launches and flows.
• Blue-chip companies’ positions on XRP as a treasury reserve asset.
• Regulatory milestones: Ripple’s application for a US-chartered bank license, the progress of the Market Structure Bill on Capitol Hill.

Bearish Scenario: Risks Below $2.2

• Hawkish Fed Minutes and speakers.
• XRP-spot ETFs report net outflows.
• The US Senate roadblocks 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 XRP toward $2.2. If breached, the lower trendline would be the next key support level. A drop below the lower trendline would expose the $2 psychological support level.

Notably, several failed attempts to break above the upper trendline in October led to lower highs and lower lows. Crucially, the lower trendline provided much-needed support in early November. See the chart below for reference.

Bullish Scenario: Path to $2.5 Remains Challenging

• Dovish Fed Minutes and FOMC members’ speeches.
• XRP-spot ETFs report strong inflows.
• Blue-chip companies adopt XRP as a treasury reserve asset, and Main Street firms integrate Ripple technology.
• Ripple secures a US-chartered bank license, and the US Senate passes the Market Structure Bill.

A break above the $2.35 resistance level could open the door to testing the 50-day EMA and the $2.5 resistance level. A sustained move through $2.5 could pave the way toward the 200-day EMA.

Outlook: Near-Term Structure Signals $2.2 as Key Support Level

The FOMC Meeting Minutes are likely to influence market sentiment later on Wednesday amid fading bets on a December Fed rate cut. Growing concerns about elevated US inflation could signal a delay to further policy easing, a headwind for cryptos.

Nevertheless, strong institutional demand for Franklin and Bitwise’s XRP ETFs would likely counter any negative impact from the Minutes. Traders should also closely monitor legislative developments on Capitol Hill, with the Market Structure Bill being another key price catalyst.

The next 72 hours could dictate whether XRP recovers its losses. Strong demand for XRP-spot ETFs could decouple the token from Bitcoin.