XRP Price Pumps 19% in a Week as Global ETF Provider Files for XRP ETF – Is $2 the Next Target?

Highlights:

• XRP price plummets 9% to trade at $1.34 amid a broader cooling off of the cryptocurrency market. 
• Global ETF provider Wisdom Tree has filed for XRP ETF in Delaware.
• With the recent developments in the Ripple token, the XRP price could hit $2 in the short term.

The XRP price has tumbled 9% today, with the XRP/USD trading at $1.34. Its daily trading volume has notably plunged 6% to $11.34 billion, indicating a recent fall in market activity. Despite the slight pullback, XRP is up 19% in a week, 160% in a month, and 110% in a year. 

Meanwhile, the XRP price could rally soon and hit $2 as Wisdom Tree, a Global ETF provider, registered in Delaware for an XRP ETF. This marks a major milestone in the crypto-ETF space and highlights the growing institutional demand for Ripple’s native token. With over $100B in global assets under management, WisdomTree ranks among the largest ETF providers.

🚨NEW: Global ETF provider @WisdomTreeFunds has registered in the state of Delaware for an $XRP ETF. I have confirmed with the company this is a legitimate filing.

Wisdom Tree has over $100 billion in assets under management. pic.twitter.com/BXutcLIW3x

— Eleanor Terrett (@EleanorTerrett) November 25, 2024

XRP Statistical Data

Based on CoinmarketCap data:

• XRP price now – $1.34
• Trading volume (24h) – $11.34 billion
• Market cap – $76.53 billion
• Total supply – 99.99 billion
• Circulating supply – 57 billion
• XRP ranking – #6

Bullish Indicators in XRP Price Suggest a Rally Soon

Over the weekend, the Ripple cryptocurrency (XRP) crossed the $1.60 mark before slightly slumping to $1.34 at press time. However, there is still a bullish grip on the XRP price, as the bulls have the upper hand. The altcoin took over three years to reach $1 after slipping in the indices in November 2021. With XRP now attracting bullish sentiments, can it breach its all-time high of $3.40 in the anticipated bull run? 

Diving into the technical outlook, the odds lean toward the bulls in the daily chart timeframe. The Golden Cross in the market upholds a long-term bullish outlook in XRP. Moreover, the buyers have flipped the 50-day at $0.71 and 200-day at $0.58 into immediate support level, reinforcing the positive outlook. 

The RSI is notably roaming at the 70-overbought territory, currently at 75.50. However, after hitting the 93-strength level, the momentum indicator retraced to the current levels. This slight correction in the XRP price allows buyers to sweep through liquidity before a substantial move upwards.

Moreover, the MACD indicator is pulling away from the orange signal line, calling for traders to hold their long positions in XRP intact. This is evident as the green histograms enlarge in size as the blue MACD crosses above the orange signal line, validating a buy signal. 

XRP Price Poised for a Bullish Rally

Based on the technical outlook and recent developments surrounding the altcoin, the XRP price may break out very soon. If the bulls capitalize on the buy signal from the MACD and the support levels stay intact, the XRP price could hit $2. A breakout above the current levels, supported by rising trading volume, could push XRP toward $1.60. In a highly bullish scenario, XRP could hit $2 in the short term. 

However, a correction is imminent, with the RSI still roaming at the 75-strength level. This will allow the bulls to sweep through liquidity for already sidelined investors to get XRP tokens at lower-priced levels. In such a case, the $1.06 mark will act as a cushion against further downside.