XRP price continues to show negative dynamics despite the approval for the first spot ETF in Canada. Let's review the details of the situation.
ETF Approval in Canada
Purpose Investments has received final approval from Canadian regulators to launch the country's first spot XRP ETF. Trading for the ETF will commence on June 18 on the Toronto Stock Exchange under the ticker XRPP. However, market sentiment remains unaffected by this development.
Overall Crypto Market State
Over the past 24 hours, XRP price dropped by 3.4%, reaching $2.17, with a market cap of $127 billion. This decline coincided with a broader drop of 3.6% in crypto market cap, influenced by geopolitical tensions in the Middle East and uncertainty regarding the U.S. Federal Reserve's interest rate decisions.
Technical Analysis and XRP's Future
From a technical standpoint, XRP is forming a multi-month bull pennant pattern on the weekly chart. A breakout could target a level of $4.61, representing a potential increase of 114%. Experts highlight mixed momentum indicators, with a golden cross on the weekly chart suggesting trend continuation, while a death cross on the daily chart signals potential downside.
Despite the current challenges, XRP has several potential positive catalysts that may influence its future. It is important to monitor ongoing developments, including initiatives from Ripple.
