XRP set for surge following EZRP ETF launch, aiming for $2.40–$2.70
XRP is on the cusp of a significant breakout as market excitement mounts around the pending launch of Franklin Templeton’s new EZRP Spot XRP ETF on November 18. This development has already sparked a surge in market activity, causing the XRP price to hover around $2.21. The cryptocurrency has managed to maintain its position above the crucial $2.15 support level, a key indicator that could propel it towards the $2.40–$2.70 range if successfully defended. With various XRP ETFs hitting the market, an uptick in XRP Ledger activity, and a newfound sense of confidence following recent regulatory clarity, the overall sentiment is leaning towards a more positive medium-term outlook for Ripple’s native asset.
The XRP price today is showing resilience, standing at $2.21 with a 1.87% increase over the past 24 hours and a daily trading volume exceeding $5.25 billion. The XRP market cap continues to hold steady as the asset consolidates above crucial support levels, bolstered by institutional interest and a rise in activity on the XRP Ledger.
Notable market analyst Ali emphasized the significance of the current support level, stating that maintaining the $2.15 mark could pave the way for a potential climb to $2.40–$2.70. His assessment is based on XRP’s ability to repeatedly defend this support range on the 1-hour chart, indicating stability amidst recent market fluctuations. XRP’s price remains resilient in the aftermath of a 21% rally linked to the launch of the first XRP spot ETF on November 13, setting a positive tone in the short term despite broader market pullbacks.
The spotlight is now on the upcoming debut of Franklin Templeton’s Spot XRP ETF (EZRP) on November 18. Analysts are noting Franklin Templeton’s involvement as a positive sign, given the firm’s extensive institutional background. This launch follows the introduction of Canary Capital’s XRP ETF on November 13, marking a significant week for XRP-focused ETFs. While there are speculations about the potential inflows sparked by the EZRP rollout, much of it remains subject to the prevailing market conditions, investor sentiment, and overall risk appetite.
As of November 17, XRP is trading around $2.20, showcasing a 7% decrease from recent highs. Analysts highlight the possibility of ETF-driven accumulation providing price support, though short-term risks persist due to factors like whale activities, liquidity fluctuations, and the emergence of new ETF products from various issuers.
Despite the absence of major updates in the Ripple–SEC legal battle this week, its impact on XRP news remains significant. The evolving regulatory landscape carries weight, especially as XRP ventures further into the institutional realm with additional ETF approvals in the pipeline. Ongoing advancements in Ripple’s partnerships and increasing XRP Ledger transaction volumes are reinforcing the cryptocurrency’s fundamentals. However, any future legal motions or rulings could shape the medium-term outlook for XRP’s price trajectory.
Technical analysis by TradeCityPro underscores XRP’s solid position as the 4th largest cryptocurrency by market cap, standing at approximately $136.74 billion. The 4-hour chart indicates key support and resistance levels, with XRP currently testing a critical support zone at $2.1843. Resistance levels are identified at $2.3404 and $2.5508, with a trend confirmation zone at $2.6718. While breakouts typically require a significant increase in buying activity, the overall momentum is hinting at a potentially bullish scenario for XRP.
