XRP price is struggling to establish a bullish trend, but recent ETF events may change this situation. This article examines the key factors affecting the cryptocurrency.
Current XRP Price Situation
XRP price is currently moving within an upward wedge pattern that has been developing for over 8 weeks. Latest observations indicate that it continues to push deeper into the tight squeeze zone, suggesting the probability of a breakout or breakdown may occur soon.
Launch of XRP ETFs in Canada
Recent announcements about the launch of multiple XRP ETFs in Canada have attracted attention. Among significant events is the launch of a spot XRP ETF by Purpose Investments, the largest investment firm in Canada. The ETF will trade under the ticker XRPP on the Toronto Stock Exchange. Additionally, 3iQ announced the launch of its ETF, which will commence trading under the ticker XRPQ, with Ripple expected to be one of the investors.
Outlook on XRP Demand
With three Canadian asset management firms launching XRP ETFs simultaneously, there is significant interest among North American investors. These ETFs are expected to trigger a demand surge for XRP in the coming days. However, current spot flows tend to lean negative, indicating a lack of significant change in investor sentiment at the moment.
Developments around the ETF launches may lead to changes in XRP price trends. Investor interest and new market supply create optimistic expectations for the cryptocurrency.
