- XRP dropped below $2.80 on Tuesday, with trading remaining steady on Wednesday.
- Traders and large investors accumulated 30 million XRP tokens during the price dip, increasing total holdings to $6.77 billion.
- The cryptocurrency held support at $2.70, trading mostly between $2.78 and $2.85 during the latest session.
- Investors are positioning in advance of a possible SEC ruling on ETF applications for XRP, expected by the end of the year.
- Optimism for ETF approval is fueled by a more crypto-friendly stance from the White House and growing interest from institutional asset managers.
XRP experienced a price drop below $2.80 on Tuesday, according to recent reports. Trading activity remained steady on Wednesday, with the cryptocurrency staying mostly within a narrow range. The dip led traders and large holders to acquire an additional 30 million XRP tokens, pushing the total amount held by investors from 6.74 billion to $6.77 billion as the price reached $2.78.
During this period, XRP maintained key support at the $2.70 level and did not significantly fall below it. The day’s price oscillated between $2.78 and $2.85. If the price can surpass its resistance at $2.90, there is potential for XRP to move toward the $3 mark in the near term.
Much of the accumulation is in anticipation of a Securities and Exchange Commission (SEC) decision regarding the approval of an exchange-traded fund (ETF) linked to XRP, with applicants including Franklin Templeton. Many institutional asset managers await the SEC’s ruling, which could arrive by year-end. As stated, “Traders and whales are mostly buying the dips in anticipation of the SEC approving the Franklin Templeton XRP ETF in November.”
Hopes for ETF approval are rising alongside indications that the White House is becoming increasingly supportive of cryptocurrency, including plans to hold Bitcoin and other digital assets in reserve. However, factors such as the SEC’s longstanding legal dispute with Ripple could influence the final decision.
Should the SEC grant approval for all pending XRP ETF applications, the altcoin may see further gains. For now, traders and institutional investors continue to take positions, waiting for regulatory decisions expected by the end of the year.
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