XRP price has pulled back in the past few days despite some highly bullish catalysts, including the warm reception of the REX-Osprey XRPR ETF and the rising odds of Act 33 ETF approvals by the Securities and Exchange Commission.
Summary
- XRP price has formed a large bullish flag chart pattern.
- Data shows that the XRPR ETF has added over $10 million in assets.
- That is a sign that there is strong demand for XRP assets.
XRPR ETF inflows are rising
Ripple (XRP) dropped to the critical support at $3, down by 6.6% from its highest point this week and 19% below the year-to-date high.
The recently launched REX-Osprey XRPR ETF is seeing strong demand from American investors. Data shows that the fund’s volume on the first day was about $37.7 million, making it the best debut in terms of volume this year. Its volume then came in at $15 million on the second day.
According to its website, the fund’s assets have now jumped to over $10.9 million. This is a notable achievement because it is an expensive fund with an expense ratio of 0.75%.
It is also a sign that there is robust for XRP assets. For one, the other leveraged XRP ETFs like Teucrium’s XXRP and ProShares’ UXRP have gained over $430 million and $120 million assets in the past few months.
Similarly, the CME XRP Futures have had substantial demand, with the open interest crossing the $1 billion milestone within weeks.
This is a sign that the upcoming Act 33 XRP ETFs by companies like Franklin Templeton, Invesco, Bitwise, and Canary will see robust demand. Analysts expect that the SEC will approve them in October, with Polymarket odds jumping to 96%.
XRP price technical analysis
Technical analysis suggests that the XRP price will rebound, potentially towards the ETF approval. It is currently forming a giant bullish flag pattern. It has already completed the formation of the flagpole section and is now creating the flag.
XRP price has remained above the 100-day Exponential Moving Average and the strong, pivot, reverse point of the Murrey Math Lines tool.
Therefore, the token will likely rebound and possibly surge to $4.2970, the extreme overshoot. This price is about 45% above the current level.
