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XRP Price Nears Breakout as ETF Inflows Boost Demand
Ripple's XRP Shows 17% Weekly Gain
- XRP has gained 17% over the past week, with optimism surrounding rising demand for XRP ETFs.
- The price chart suggests an imminent breakout as recent market consolidation ends.
XRP Price Dynamics
- XRP is trading around $2.20, following a brief dip below a key convergence zone, which was identified as a fake breakdown by analyst CW.
- CW anticipates a rally once XRP decisively breaks above the trend convergence.
- Analyst BATMAN sees strength in XRP after it reclaimed key support and broke out of a bullish pennant formation, indicating a potential upward move.
XRP ETF Launches
- Spot XRP ETFs have launched in the U.S., receiving positive responses from investors.
- Grayscale, Bitwise, and Franklin Templeton have recorded strong inflows, with 21Shares set to launch its XRP ETF on December 1.
- Community expert Chad Steigraber expects aggressive buying by ETFs, leading to a supply crunch.
Market Impact
- XRP reserves on Binance have decreased significantly, indicating accumulation by long-term and institutional investors.
- Current XRP holdings on Binance are near 2.7 billion tokens, down from early-October levels, according to CryptoQuant data.
