This strengthens XRP's bullish trend.
The volatility shares futures trading fund for XRP, listed on NASDAQ, will invest 80% of its net assets in XRP instruments.
The relative strength index (RSI) reading at 56 indicates an opportunity for growth before XRP reaches overbought conditions.
After Bitcoin's (BTC) value surged to new record levels at $111,880, Ripple's (XRP) price rose to $2.43 on Thursday, driven by heightened sentiment in the cryptocurrency market. Short-term support around $2.40 is above key demand areas including the 50-day and 100-day exponential moving averages at $2.29 and $2.26, respectively, reinforcing bullish expectations for XRP.
Volatility shares launch XRP futures trading fund on NASDAQ
Volatility shares, a registered investment advisor, will launch the first futures trading fund for XRP on NASDAQ on Thursday with XRP on the rise.
Volatility shares said on Wednesday that they will allocate at least 80% of their net assets to XRP-linked securities, providing investors with unlevel exposure to XRP futures contracts via a branch in the Cayman Islands.
The company also created a 2x leveraged XRP futures trading fund that promises daily doubled gains for XRP through leveraged exposure to futures contracts.
The prolonged case is nearing its conclusion as Ripple and the SEC reached a $50 million settlement and filed a joint petition to end the appeal. Although the court denied the request, Ripple and the commission will work together to achieve a ruling.
XRP turns bullish as open interest rises
Open interest (OI) rose by 25% to $4.96 billion, boosting XRP's uptrend. Over the past 24 hours, trading volume increased by 59% to $6.59 billion, indicating a strong market rebound.
A massive influx of funds and trader interest supports a rise to $3.00. XRP is above the major moving averages on the daily chart below, including the 50-day exponential moving average at $2.29, the 100-day at $2.26, and the 200-day at $2.05.
The dashed trendline from the decline caused by tariffs at $1.61 confirms the strength of the uptrend, establishing a higher low pattern.
