XRP Flashes Buy Signal as First US ETF Sparks Investor Interest
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XRP is signaling a potential price recovery, bolstered by a rare buy signal from a key technical indicator and the debut of the first US spot exchange-traded fund (ETF) for the cryptocurrency. The confluence of these events suggests waning selling pressure and renewed institutional interest.
Technical Indicator Points to Potential Reversal
Crypto analyst Ali Martinez notes that the TD Sequential indicator has generated a ‘1’ signal on the four-hour XRP chart. This pattern typically emerges after a sequence of price declines and suggests diminishing selling momentum – frequently enough referred to as “seller exhaustion.”
Recent days have seen significant drops in the XRP price, reflected in a predominantly red chart. However, the emergence of smaller-bodied candles indicates growing uncertainty in the market. Analysts will be watching closely to see if the next candle, designated ‘2’, closes above the ‘1’ signal, which would be considered confirmation of a potential trend reversal.
XRP Price Responds to US ETF Launch
The technical signal arrives alongside increased activity surrounding XRP, triggered by the launch of the first US XRP spot ETF by Canary Capital on November 13th.
The ETF experienced a strong opening day,with $26 million in trades occurring within the first 30 minutes. Trading volume ultimately reached $58.6 million by the end of the day – exceeding analyst expectations by more than threefold. This significant trading volume indicates a resurgence of interest in XRP from institutional investors.
