XRP is bouncing back today after a volatile week, rising more than 8% in the past 24 hours to trade around $2.03. The broader crypto market is also stabilizing, but XRP’s move is stronger than most major altcoins. This recovery comes just as a major catalyst approaches: a new XRP ETF launch.
Why the price of XRP is rising today
The biggest driver behind today’s rebound is the renewed optimism around XRP ETFs. Grayscale’s XRP ETF will launch on November 24, following approval for listing on the NYSE. This mirrors the pattern we saw earlier in 2024 when Bitcoin rallied ahead of its own ETF debut.
Last week, Bitwise also launched its XRP ETF, adding to growing institutional interest in the asset. These back-to-back ETF approvals are boosting sentiment and giving XRP strong support during a largely bearish market.
ETF momentum is stronger than expected
Despite underlying price weakness over the past month, XRP ETFs have outperformed. Canary’s XRPC ETF became the biggest ETF launch of the year across all categories, not just crypto. It has already raised more than $270 million, which is exceptional for a relatively small issuer like Canary, and has surpassed even the major Wall Street firms on day one volume.
Short term: XRP needs to recover $2.05
XRP’s rally today reached resistance at $2.05-$2.06, a key zone it must regain to reassert strength. Technically, momentum is improving, but the overall trend remains cautious. Weekend moves are often unreliable and the volume is still lower than expected.
If XRP fails to break above $2.05 with strong confirmation, traders warn the price could fall to $1.92-$1.85 before support is found again. The market is still dealing with imbalances and gaps that emerged from last week’s volatility.
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