XRP price is on the upswing today: Here’s why

The XRP price continued its recent momentum today, Nov. 10, reaching its highest level in almost two weeks. 

Ripple (XRP) token jumped to a high of $2.6, up by 45% from its October low, bringing its market capitalization to over $153 billion. 

XRP price jumped ahead of ETF approvals

The XRP token has jumped over the past few days as investors anticipate approval of spot ETFs by top companies such as Canary, Bitwise, and Franklin Templeton. Some of these ETFs will likely start trading as early as this week, which could drive more demand from American investors. 

Current data indicates strong demand for altcoin ETFs. For example, the recently launched Bitwise and Grayscale Solana ETFs have already raised $335 million in inflows. They hold over $575 million in assets, with Bitwise’s BSOL having $478 million. 

Similarly, the Canary Hedera ETF has already had $71 million in inflows and has over $68 million in assets. Most importantly, the recently launched REX-Osprey XRP ETF has attracted over $115 million in assets, a sign of growing demand.

XRP’s price has also jumped due to the ongoing Ripple USD growth. It has already crossed the $1.1 billion mark in assets, a figure that will likely continue growing. The volume of RLUSD transactions stood at over $4.2 billion in the last month. This growth may accelerate after the recent partnership between Ripple, Gemini, and Mastercard.

XRP, like other cryptocurrencies, is soaring amid optimism that the Senate will vote to end the ongoing government shutdown. The end of the shutdown removes one of the most significant risks in the market. 

XRP price rebounded as investors reflected on last week’s Ripple Swell event and the key announcements. One of the most noteworthy instances was the $500 million investment into Ripple Labs by affiliates of Citadel and Fortress.

Ripple price technical analysis 

The daily timeframe chart shows that the XRP price has rebounded to a high of $2.56, its highest level since Oct. 29. This rebound happened as it formed a double-bottom pattern at $2.1877 and a neckline at $2.6940. 

A double-bottom often leads to more upside. It has also moved above the 25-day Exponential Moving Average and the ultimate support of the Murrey Math Lines at $2.3438.

Therefore, the most likely XRP price forecast is bullish, with the next target being at $3.125. This target is alongside the Major S/R pivot point and is about 25% above the current level.