November Rally in XRP Fueled by ETF Filing: Potential Price Pullback Ahead
ent will likely continue in the long term. A closer look at a shorter-term chart to see if an initial correction is due before the price reaches its target.
On the positive side, recent Ripple news includes WisdomTree filing for an XRP ETF in Delaware and partnerships with Archax and Abrdn to bring the first tokenized money market fund to the XRP Ledger. Analyst Armando Pantoja also noted that XRP whales bought over 50 million tokens during the weekend, possibly in anticipation of a continuation of the trend.
Despite these encouraging signs, there are also indications of short-term weakness that suggest XRP may have hit a local top and could retrace in the near future. While the weekly time frame looks extremely bullish, the shorter-term six-hour chart points to a potential retracement based on the wave count, XRP price action, and indicator readings.
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