XRP price rose by over 3% today, Oct. 24, as the crypto market rebounded, following encouraging Ripple ETF and options news.
Summary
- XRP price has formed an inverse head-and-shoulders pattern.
- The XXRP ETF assets have crossed the important milestone of $100 million.
- More data shows that CME futures have crossed $26 billion in volume.
Ripple (XRP) token jumped to $2.4655, up by 80% from its lowest level this month. It has also formed a highly encouraging bullish pattern on the shorter time frame.
XRP ETF crosses $100M and futures activity surges
The XRP price tilted upwards as data showed resilient demand for the token. Data on the REX-Osprey’s website shows that the recently launched XRPR ETF crossed the $100 million asset milestone this week.
The fund now holds over $100.89 million in assets, making it one of the biggest altcoin ETFs in the industry. Its growth is notable as it has an expense ratio of 0.75%, making it more expensive than other spot Bitcoin (BTC) and Ethereum (ETH) ETFs.
The inflows are also notable as they are happening as the coin remains in a deep bear market after falling by over 32% from its highest point this year. In most cases, cryptocurrency and stock ETFs experience weak inflows during bear markets.
XXRP’s performance means that other XRP ETFs by companies like Franklin Templeton and 21Shares will have robust demand. For one, they will be based on the Securities Act of 1933, which is different from the ‘40 Act. They will also have lower fees than the REX-Osprey one.
The other notable XRP news came from CME Group. In an X post, the company said that the recently launched XRP and Micro XRP futures had handled over 567k contracts with a notional value of over $26 billion. This makes XRP one of the most actively traded assets in the company.
XRP price technical analysis
The eight-hour chart shows that the XRP price has rebounded from the year-to-date low of $1.3788 to the current $2.4840. It has crossed the 25-period Exponential Moving Average.
Most importantly, it has formed an inverse head-and-shoulder, which is shown in green above. This pattern normally leads to a strong bullish breakout over time.
Additionally, the Relative Strength Index and the True Strength Index have all pointed upwards. Therefore, the most likely scenario is where the token rebounds and hits the important resistance level at $3. This target price is about 21% above the current level.
