As traders await the first launch of the spot XRP exchange-traded fund on Friday, September 12, the XRP price has stalled at the critical resistance level of $3.
Rex-Osprey XRP ETF will launch on Friday.
This will be the first spot XRP ETF in the United States.
The U.S. Securities and Exchange Commission is expected to approve other spot ETFs in October.
Rex-Osprey XRP ETF will launch on September 12.
As Rex-Osprey launches the first spot ETF, the XRP price will become the focus tomorrow. Compared to companies like Franklin Templeton, Bitwise, and Invesco, the fund will have a first-mover advantage.
Although the fund aims to track the price of Ripple's XRP, it will differ from other prices. The main difference is that it is based on the 1940 Act (Investment Company Act), while others are based on the 33 Act. By using the 1940 Act, Rex-Osprey can complete a 75-day review.
Another difference is that it will provide investors with risk exposure to XRP through a wholly-owned Cayman Islands company.
The fund will be similar to the Rex-Osprey SOL + Staking ETF, which has accumulated assets of over $240 million. Therefore, given its fee rate of 0.75%, it may be more expensive than other upcoming XRP ETFs.
While the new XRP ETF will be worth a certain amount, the main catalysts for XRP will be other funds that may receive approval in October. Polymarket data shows that the odds of these spot ETFs have jumped to 92% this year.
Analysts expect significant inflows into these funds in the first few months, which could boost the XRP price. SoSoValue data shows that spot Bitcoin BTC and Ethereum ETH funds hold 5% to 7% of their market cap. If XRP achieves this, then major ETFs could attract over $9 billion in assets in the first year.
XRP Price Technical Analysis
The daily time frame chart shows that the XRP price has formed some chart patterns that could trigger more gains in the short term. It formed a double bottom at $2.70 and a neckline at $3.38.
Most importantly, it has formed a descending wedge pattern and has moved above it, confirming a bullish breakout. It has remained above the 100-day exponential moving average.
The Relative Strength Index has remained above the neutral point of 50, while the two lines of the Percentage Price Oscillator have crossed. Therefore, XRP may rebound and possibly reach an overbought level close to $4.30.
