XRP price inched up in the early hours of trading on Wednesday as investors bought into news of an ETF product amidst a general market turmoil. The XRPUSD pair traded at 1.809 and was up by 0.75% at press time, aiming to break a three-day losing streak.
A Potential Path for XRP Price Recovery
The crypto market has caved in under sustained pressure from global recession fears caused by a growing trade tariff war. As a result, XRP has declined by 15.7% in the last week and is down by 13.2% year-to-date.
Teucrium Investment Advisors will launch the first leveraged XRP ETF today, and the news has boosted investor sentiment around the coin. The Teucrium 2X Long Daily XRP ETF will trade at the NYSE Arca and will attract 1.89% in management fee. Meanwhile, Standard Chartered projects that XRP price could grow by over 500% to reach $12.50 by 2028 and estimates that the Securities and Exchange Commission (SEC) likely the XRP ETF by the third quarter of 2025.
XRP price currently trades below the Volume Weighted Moving Average (VWMA), which is at $2.10 on the daily chart. Near-term resistance will likely be at the psychological $2.00 level, but a reversal will only be confirmed if the price reclaims the VWMA support.
XRP Price Prediction
The momentum on XRP price suggests that the upside will prevail if action stays above the pivot mark at 1.782. The upward movement will likely encounter primary resistance at $1.836. However, a stronger momentum will breach that barrier and test $1.879.
On the other hand, moving below $1.782 will invite the sellers to take control. That could see the first support established at $1.740. Breaking below that level will invalidate the upside narrative. In addition, an extended control by the sellers could take the price lower and test the second support at $1.700.
The post XRP Price Up On ETF News But The Upside Is Limited appeared first in UK on InvestingCube.