Why is XRP Price Going Up Today?

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The post Why is XRP Price Going Up Today? appeared first on Coinpedia Fintech News

XRP is bouncing back today after a volatile week, rising more than 8% in the past 24 hours and trading around $2.03. The broader crypto market is also stabilizing, but XRP’s move is stronger than most major altcoins. This recovery comes just as a major catalyst approaches: another XRP ETF launch.

Why XRP’s Price Is Rising Today

The biggest driver behind today’s bounce is renewed optimism around XRP ETFs. Grayscale’s XRP ETF is set to launch on November 24, following an approval for NYSE listing. This mirrors the pattern seen earlier in 2024 when Bitcoin rallied ahead of its own ETF debut.

Last week, Bitwise also launched its XRP ETF, adding to the growing institutional interest in the asset. These back-to-back ETF approvals are boosting sentiment and giving XRP strong support during a broadly bearish market.

ETF Momentum Is Stronger Than Expected

Despite the underlying price weakness over the past month, XRP ETFs have been outperforming. Canary’s XRPC ETF became the biggest ETF launch of the year across all categories, not just crypto. It has already attracted more than $270 million, which is exceptional for a relatively small issuer like Canary, and it even surpassed major Wall Street firms in day-one volume.

Short-Term: XRP Needs to Reclaim $2.05

XRP’s rally today hit resistance at $2.05–$2.06, a key zone it needs to reclaim to confirm strength. Technically, momentum is improving, but the overall trend remains cautious. Weekend moves are often unreliable, and volume is still lower than expected.

If XRP fails to break above $2.05 with strong confirmation, traders warn that the price could dip to $1.92–$1.85 before finding support again. The market is still dealing with imbalances and gaps left behind after last week’s volatility.