Digital currencies saw small gains on Monday. The total crypto market value rose by a little more than half a percent in the last day to reach two point nine six trillion dollars. Many coins are trying to recover from the recent crash. XRP however managed to stay above the important two dollar mark. This level is seen as a key point that could decide its next big move.
XRP climbed nearly three percent in the last twenty four hours and is trading around two dollars and eight cents. The rise comes as traders look forward to Grayscale’s new GXRP ETF which will begin trading on the NYSE Arca tomorrow. Grayscale confirmed on X that the product will give investors direct exposure to XRP. The news has helped bring some stability to XRP even though the overall market is still shaky.
Grayscale’s GXRP joins a growing list of XRP based ETFs. Institutional investors have been asking for regulated options and the timing has been perfect. The SEC helped fuel this momentum. Ripple settled its long legal fight with the regulator in August which removed a major cloud over XRP. Then in September the SEC approved new listing rules that made it easier for altcoin ETFs to launch.
Several companies like Bitwise, Canary Capital, REX Osprey, Amplify, and Franklin Templeton have already rolled out their own XRP funds. These products are backed by real XRP and can be traded on major exchanges such as NYSE, Cboe, and Nasdaq. They offer a simple and regulated way for people to invest. Demand has been huge. One example is Canary’s XRPC ETF which hit fifty nine million dollars in trading volume just a day after its launch on November thirteen.
Now all eyes are on Grayscale’s upcoming GXRP debut and how it could affect XRP’s short term price movement. At the moment XRP is sitting near two dollars and eight cents after gaining almost three percent in a day. Trading volume has also grown by thirteen percent to over four billion dollars which shows that interest is building as the ETF launch approaches.
Even so XRP is still at a very important level. It has lost twenty percent in the last month and is stuck in a narrow range between one dollar ninety cents and two dollars fifteen cents. If buyers manage to keep the price above this zone the coin could start moving upward again. Strong buying could push XRP to between two dollars thirty five cents and two dollars sixty cents. If momentum continues it could test the main resistance at two dollars eighty nine cents and maybe reach the three dollar mark after that.
But if the broad market weakens again the excitement around the ETF may fade. If XRP fails to stay above the one dollar ninety to two dollars fifteen zone it could face a sharp drop toward the next support near one dollar sixty one cents.