XRP price eyes breakout above $2.70 as Canary Capital XRP ETF launch looms
XRP is gaining traction this week amid growing speculation over multiple XRP ETF launches in the coming weeks, with Canary Capital’s product potentially debuting late this week. How high could XRP price climb if bullish momentum continues?
- Growing speculation over multiple XRP ETFs launching in the coming weeks is supporting XRP price ongoing rebound from the recent retest of the long-term descending channel support near $2.
- Canary Capital’s ETF could launch as soon as late this week, potentially serving as a major catalyst for renewed bullish momentum in XRP price.
- XRP price breakout above $2.70 could open the path to $3.10–$3.40.
Ripple (XRP) price extends its rebound from the recent low at $2 as investor confidence grows due to multiple XRP ETFs potentially launching in the coming weeks.
As of 10 Nov., eleven XRP ETFs, appeared on the DTCC’s “active and pre-launch” list, including products by 21Shares, ProShares, Bitwise, Canary Capital, Volatility Shares, REX-Osprey, CoinShares, Amplify, and Franklin Templeton. However, it’s important to note the listing on DTCC does not guarantee regulatory approval.
Last week, Canary Capital indicated its XRP ETF is “coming soon,” fueling speculation that it might launch as soon as late this week.
XRP price technical analysis
XRP price has recently rebounded from the lower trendline support within the long-term descending channel at around $2, once again confirming that bulls are defending this technical area.
The rebound gained traction as XRP price reclaimed both 9 EMA (cyan) and 21 EMA (yellow) on the daily. XRP is now testing the 55 EMA (green) for the first time since late October. This level that has acted as a strong dynamic resistance since the October 10 flash crash.
While the EMAs remain stacked in bearish order, the 9 and 21 EMAs are curling upward, while the daily RSI has just crossed back above the neutral 50 level, signalling that short-term momentum is beginning to build.
If bulls manage to close above the 55 EMA with follow-through, XRP price could extend its recovery toward the upper boundary of the descending channel, around $2.70. A breakout above that zone would be a strong bullish signal, potentially marking the end of the medium-term downtrend and paving the way for a retest of the next resistances at $3.10, $3.20, and $.3.40.
If speculations that Canary Capital’s XRP ETF could launch in the coming days turn out to be true, it may serve as a strong fundamental catalyst to reinforce the ongoing technical rebound.
