Key Insights:
- Canary XRP ETF receives Nasdaq approval, boosting XRP price and market confidence.
- Analysts see $2.40 as key support ahead of ETF trading launch.
- Patterns and institutional flows suggest a potential run towards $10 in the coming weeks.
XRP price surged by almost 10% after Canary Capital’s XRP ETF received automatic approval to list on Nasdaq. This development marks the first XRP ETF registered under the 1933 Act and will bolster Ripple’s foothold among institutional investors.
Analysts believe the approval could generate new momentum for the XRP price and improve market sentiment overall.
Canary XRP ETF Gets Automatic SEC Clearance
Canary Capital submitted Form 8-A with the U.S. Securities and Exchange Commission (SEC) on November 10. The submission made the XRP ETF automatically effective, completing its final regulatory step before public trading.
Shares will trade on the Nasdaq under the ticker symbol XRPC, with trading expected to commence later this week. According to the filing, the XRP ETF tracks the XRP-USD CCIXber Reference Rate Index to reflect real-time spot prices.
Canary CEO Steven McClurg expects inflows “to double Solana’s first week ETF demand.” He said investor appetite for regulated exposure to Ripple is growing. This, he explained, is the main reason behind the recent surge in XRP price.
The ETF charges a 0.50% management fee, slightly higher than Bitwise’s 0.34%. Gemini Trust Company and BitGo Trust Company are the custodian services.
On the other hand, U.S. Bank serves as the custodian for cash operations. ETF Store President Nate Geraci called the listing “a historic moment for crypto integration into mainstream finance.”
XRP Price Eyes $10-$37 Breakout
Analyst Egrag Crypto remains bullish on the Ripple price with a rally between $10.82 and $37.69. He based his forecast on Fibonacci extensions drawn based on the 2021 cycle high.
Egrag is convinced that the current compression pattern resembles phases that preceded the historical bull runs of XRP.
He named this period “a test of faith before the next macro impulse.” A break and close above $2.80 would signal a new expansion phase. According to him, he expects this move within four to six weeks as ETFs gain momentum.
Egrag suggested that the XRP ETF launch could lead to a faster influx of institutional flows, as in previous Bitcoin ETF cycles.
He also tied the increase in retail and long-term holder confidence to speculation in the XRP price. Historical signals, he said, are now in line with a possible macro reversal.
Smart Money Watching $2.41 Fibonacci Support
Similarly, CasiTrades emphasized that $2.41 is a crucial support level for the Ripple price. She said this level appears to coincide with the macro 0.5 Fibonacci retracement and is a key reaction zone.
Losing this support, she warned, could bring about another decline to $2.00 before recovery picks up again.
However, a strong rebound of XRP Price from $2.41 could lead to a move towards $2.50 or higher. CasiTrades explained that smart money is typically the money that enters the trade during these pullbacks, rather than chasing rallies.
Hence, traders must wait for a confirmed bounce before committing to new positions. She expects renewed strength once the price closes decisively above near-term resistance.
Her Elliott Wave model still leaves room for one last corrective dip before continuation. Yet, the larger structure remains bullish as long as higher lows hold. CasiTrades said the next reaction around $2.41 will mark whether momentum is on its way back to the bulls.
Consolidation Pattern Points to $10 Breakout
Furthermore, BitcoinSensus analysts noted that XRP’s structure is similar to its structure before large rallies. They stated that Ripple historically moves sideways before entering rapid upward phases. The current setup is similar to past cycles that resulted in powerful bullish momentum.
Based on their projection, a confirmed breakout could see the XRP price move above $10 in the next rally. They explained that the market is compressing into narrower ranges and that significant expansions usually precede them.
Moses K is a crypto journalist covering markets, regulation, and blockchain trends. He has written for The Coin Republic, Coinchapter, Cryptopolitan, Cryptotale, Coinspeaker, and MPost. Known for his concise, data-driven reporting, Moses focuses on price analysis, on-chain metrics, and policy developments shaping the global digital asset landscape.
