XRP Price News: ETFs Approach $600M in Assets as XRP Bounces Off $2

XRP (XRP) has gone up by 7% in the past 24 hours and has already hit $2.2 as the crypto market seems ready to start recovering.

The launch of multiple exchange-traded funds (ETFs) linked to this altcoin over the past few days may be propelling the demand for the token.

These daily gains are outpacing those of its peers as Franklin Templeton, a large asset management firm that oversees nearly $1.7 trillion for its customers, is ready to launch its XRP ETF this week.

Canary Capital’s XRP ETF Stats – Source: Official Website

Thus far, Canary Capital, REX-Osprey, Bitwise, and Grayscale have already received the nod from both the U.S. Securities and Exchange Commission (SEC) and their respective exchanges to launch their vehicles.

Data from their official websites indicated that the combined total in assets held within these vehicles already exceeds $600 million.

Analysts Changed Their Minds (Again) About a December Rate Cut

Wall Street’s early adoption of XRP ETFs, confirmed by these big inflows during a strong market downturn, is a positive sign that institutions and retail investors are embracing cryptos, meaning that mainstream adoption could accelerate over the next few months.

Paired with the project’s ecosystem growth initiatives, including the launch of Ripple USD (RLUSD) and Ripple Prime, an institutional crypto broker, the fundamentals of XRP have been improving lately.

FedWatch’s Target Rate for Next FOMC Meeting – Source: CME Group

In addition, odds of a rate cut in December dramatically improved last week after a strong jobs report for September and dovish comments from the head of the New York Federal Reserve.

Data from FedWatch shows that odds of a rate cut have turned from 44% last week to 80% at the time of writing, meaning that analysts now see this as a done deal. This shift in sentiment could have marked the bottom for the crypto market and could result in a significant jump in prices within the next 15 days.

The next FOMC meeting will take place on December 10, so the market has a couple of weeks to recover ahead of this key event.

XRP Could Hit $2.5 Ahead of the FOMC Meeting

Looking at the daily chart, XRP seems to have found strong support at $2, a psychological threshold that has acted as a floor for the token multiple times in the past.

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

Trading volumes have increased by 53% to $7 billion as traders seem to be getting ready to come back to the market. The Fear and Greed Index remains heavily depressed at 12, but, as we mentioned in previous XRP price predictions, this is often a contrarian signal that could confirm a local bottom.

Now, the token could rise to $2.5 to retest the 200-day exponential moving average (EMA) from below, making this the key resistance to watch.

Meanwhile, if we get a successful retest of the upper bound of the falling wedge, the price could rise even further, as that would confirm that buying pressure is strong.

The Relative Strength Index (RSI) just popped up above the 14-day moving average, reflecting that positive momentum is accelerating. Paired with a shift in the market’s perception of how interest rates will evolve and the launch of these ETFs, the stage looks set for a big bounce.