XRP price has entered a steady consolidation process in a narrow range above $0.53 despite the decline in the overall cryptocurrency market. This situation, Ripple 
$0.512579 It marks a period of balance for
21Shares’ XRP ETF Application
The slight increase in the last week has revived interest in XRP. The most important development supporting this positive atmosphere was 21Shares’ application to the American Securities and Exchange Commission (SEC) for an exchange traded fund (ETF) linked to XRP.
21Shares has filed with the SEC for approval of a spot XRP ETF to list the 21Shares Core XRP Trust on the Cboe BZX Exchange. This move offers investors the opportunity to gain indirect access to the XRP market through a regulated channel.
What Aspects Do XRP Price Predictions Show?
The latest price of XRP has been trading around $0.51, showing signs of consolidation in recent sessions. If the buying pressure increases, XRP is expected to reach the $0.6 level. Breaking this level could increase bullish interest, causing the price to rise as high as $0.7.
Some optimistic analysts are predicting the possibility of XRP rising as high as $0.8 in November if market conditions remain favorable.
The Moving Average Convergence Divergence (MACD) indicator is showing a slight bearish signal, indicating price fluctuations in the short term. However, the MACD histogram shows a small amount of negative divergence, suggesting that selling pressure is limited.
Market Outlook and Future Prospects
XRP’s resistance to general market fluctuations and ETF application has increased investors’ confidence. Approval of 21Shares’ XRP ETF could increase adoption of the asset. If the positive momentum continues, one of the targets for XRP is $0.7, with the potential to rise to $0.8 in November.
Coinbase Custody Trust Company will be responsible for custody of XRP assets if the ETF is approved. Other asset managers such as Bitwise have also filed for similar XRP ETFs ahead of 21Shares.
In the environment of general instability in the cryptocurrency market, XRP’s resistance and 21Shares’ ETF application give positive signals for the future of Ripple. It seems that investors may experience an increase in the value of XRP if the regulatory processes are concluded and market conditions are supportive.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
