XRP has surged to a current price of $2.24, marking an intraday gain of 3.24%. This growth can be attributed to several factors, most notably the launch of Canada’s first spot XRP ETF by Purpose Investments, which has ignited investor sentiment. The ETF is now available on the Toronto Stock Exchange under various trading symbols, including XRPP (CAD-hedged) and XRPP.B (CAD), and is eligible for tax-advantaged accounts, thus enhancing investment opportunities for traditional investors.
Alongside ETF developments, there has been a significant rise in on-chain activity. Daily active addresses skyrocketed from an average of 40,000 over the last three months to 295,000, underpinning a burgeoning interest in XRP. This increase reflects not only growing participation but also a potential path to wider adoption.
Moreover, there’s been notable whale accumulation, with over 2,700 wallets now holding 1 million or more XRP tokens. This level of accumulation signals a strong confidence among large investors, a positive indicator for the market.
Currently, XRP is trading with a market cap of $132.37 billion and a 24-hour trading volume of $5.25 billion. After reaching an intraday high of $2.34 and a low of $2.18, XRP is nearing a crucial resistance zone between $2.35 and $2.40. Analysts indicate that a breakout above this level could lead to a significant price increase. Conversely, immediate support is positioned between $2.12 and $2.14. The market sentiment appears moderately bullish, particularly with rising demand from both ETF inflows and whale activity.
In light of these developments, XRP's trajectory seems promising as it heads towards potential higher resistance levels in the near future. Interested investors should continue monitoring market trends and consider their investment strategies accordingly.
Alongside ETF developments, there has been a significant rise in on-chain activity. Daily active addresses skyrocketed from an average of 40,000 over the last three months to 295,000, underpinning a burgeoning interest in XRP. This increase reflects not only growing participation but also a potential path to wider adoption.
Moreover, there’s been notable whale accumulation, with over 2,700 wallets now holding 1 million or more XRP tokens. This level of accumulation signals a strong confidence among large investors, a positive indicator for the market.
Currently, XRP is trading with a market cap of $132.37 billion and a 24-hour trading volume of $5.25 billion. After reaching an intraday high of $2.34 and a low of $2.18, XRP is nearing a crucial resistance zone between $2.35 and $2.40. Analysts indicate that a breakout above this level could lead to a significant price increase. Conversely, immediate support is positioned between $2.12 and $2.14. The market sentiment appears moderately bullish, particularly with rising demand from both ETF inflows and whale activity.
In light of these developments, XRP's trajectory seems promising as it heads towards potential higher resistance levels in the near future. Interested investors should continue monitoring market trends and consider their investment strategies accordingly.
