AI Summary
Key Points
XRP is recovering from a low of $1.91 to regain the psychological support level of $2.
Futures trading volume reaches nearly $3.96 billion, led by Binance, Bybit, and OKX.
Institutional demand is growing amid rising interest in ETFs in Canada and the United States.
Traders are eyeing the $2.14 resistance as XRP shows signs of renewed bullish momentum.
XRP has recovered from a sharp sell-off, regaining the critical price level of $2.00 after dropping to a 24-hour low of $1.91, indicating renewed investor interest with increased futures trading and gaining momentum from ETF developments.
Volume of XRP futures contracts is significantly rising amid the recovery
The recovery coincided with a dramatic increase in XRP futures contract volume, reaching $3.96 billion across major exchanges. Binance accounted for the largest share at 30.58%, followed by other centralized exchanges, indicating that institutional traders are re-entering the market after the recent decline.
Technical indicators suggest a V-shaped recovery, with accelerated buying interest between $1.913 and $2.04. The $2.00 level remains a critical pivot area, with resistance at $2.020 and support at $1.989, supported by high trading volume.
ETF momentum boosts sentiment
The price movement comes alongside ETF-related news adding bullish sentiment in the market:
In Canada, both 3iQ and Purpose Investments launched ETF funds for XRP on the Toronto Stock Exchange, making XRP more accessible for traditional investors.
In the United States, the Securities and Exchange Commission has opened a suspension period on Franklin Templeton's proposed ETF for XRP, indicating a potential regulatory softening.
These developments could pave the way for greater institutional participation in XRP, similar to the effects observed with Bitcoin and Ethereum ETF funds.
Price Movement Summary
24-hour range: $1.912 – $2.040 (volatility of 6.5%)
Resistance: $2.020 (supported by volume)
Support: $1.989 (recent bounce area)
Key level: $2.000 psychological point
Pattern: V-shaped recovery with shrinking volatility
Can XRP break $2.14?
Market watchers are now focused on whether XRP can maintain momentum to challenge the $2.14 resistance, which has previously limited upward attempts. Localization around the $2 level, with rising derivatives interest, suggests the market may be preparing for a potential breakout if overall support and ETF interest hold.
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