Digital currencies recorded modest gains on Monday, with the global cryptocurrency market cap increasing by 0.58% the previous 24 hours to $2.96 trillion.
While most tokens seek a reliable footing for potential rebounds after the latest crash, XRP held above $2, a key make-or-break level.
The altcoin gained nearly 3% in the last 24 hours to press time’s $2.08, fueled by excitement around Grayscale’s GXRP exchange-traded fund, set to officially start trading on NYSE Arca tomorrow.
Grayscale XRP Trust ETF (Ticker: $GXRP) offers investors direct exposure to $XRP.
$GXRP starts trading on @NYSE Arca tomorrow.
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The ETF optimism has somewhat injected stability into the XRP price performance despite the shaky broader markets.
This article highlights what we can expect from Ripple’s native token in the next few sessions.
Grayscale GXRP joins the expanding sector of XRP ETFs
Grayscale’s debut comes as institutional investors seek regulated exposure to XRP, especially in the United States.
Meanwhile, the SEC supercharged this momentum.
Ripple’s native token gained amplified investor interest after the company settled its prolonged battle with the regulator in August.
The settlement alleviated the complaint fog that gripped XRP over the past years.
Moreover, the Securities and Exchange Commission approved the generic listing standards in September, which accelerated altcoin ETFs.
As of now, several issuers, including Bitwise, Canary Capita, REX Osprey, Amplify, and Franklin Templeton, have released their physically backed XRP funds.
Notably, the ETFs have seen overwhelming demand.
For instance, Canary’s XRPC set records with $59 million trading volume within a day after its November 13 launch.
Individuals can trade these products on NYSE, Cboe, and Nasdaq, offering a streamlined and compliance exposure through familiar accounts.
Now, attention remains on Grayscale’s upcoming XRP Trust debut and its potential influence on XRP’s short-term price actions.
XRP price outlook
The remittance token hovers at $2.08 after a 2.67% increase on its 24-hour price chart.
XRP’s trading volume has increased by 13% in that timeframe to $4.06 billion, signaling revived interest ahead of GXRP launch.
Meanwhile, its price wavers at a vital break-or-make region after shedding 20% of its value over the past 30 days.
The coin is trading within a constricted range, between $1.90 and $2.15.
Bulls should hold above this zone to regain control in the near-term.
The region has seen increased buying activity previously, and a repeat will likely push XRP prices to $2.35 – $2.60.
Impressive dip-buying amid enhanced broader sentiment can clear the path to the crucial resistance at $2.89 before continuing to $3 psychological mark.
On the other hand, amplified broader bearish sentiments might erase the Grayscale ETF optimism.
Failure to defend $1.90 – $2.15 might trigger a sharp selloff to the support at $1.61.
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