XRP Today News: Seven consecutive falls come to an end! Franklin ETF challenges 250 million USD on its first day.

Today's news on XRP shows that XRP has ended a seven-day falling trend, rising to $2.21, with market attention shifting to the XRP Spot ETF. Franklin Templeton submitted an 8-A filing, planning to launch the Franklin XRP ETF on November 19, with analysts predicting first-day volume could reach between $150 million and $250 million, which is five times the first-day volume of the Canary XRPC ETF.

XRP ends longest continuous fall since 2023

The most important breakthrough in XRP news today is the end of a seven-day falling trend, which is the longest continuous decline since 2023. After a long period of losses, buying on dips returned, and XRP broke through the key $2.2 level, indicating that XRP may begin to recover from the downturn in November. On Tuesday, November 18, XRP rose by 2.49%, reversing the previous day's decline of 2.38%, closing at $2.2179. The token's performance outperformed the overall cryptocurrency market, which rose by 1.46%.

Bitcoin (BTC) rebounded from below $90,000, closing higher on Tuesday, boosting the demand for XRP. As a barometer of market sentiment, Bitcoin continues to lead the trend of the entire cryptocurrency market. Notably, Bitcoin rose by 1.44%, providing macro support for XRP's rebound.

Market intelligence platform Santiment commented on the market conditions: “Bitcoin, Ethereum, and XRP have shown potential signs of rebound, while retail investors are selling off these three cryptocurrencies. The price trend is contrary to the trading behavior of small wallets. Therefore, we are closely monitoring the continued panic selling by retail traders, considering it a positive signal for the recovery of cryptocurrencies.” According to Santiment's data, since the beginning of November, XRP wallets holding less than 100 XRP have sold off 1.38% of their XRP holdings. This type of retail panic selling is often a signal of market bottoms, as smart money tends to enter the market during retail panic.

Franklin XRP ETF is set to launch, sparking a wave of institutional demand

The core focus of today's news on XRP is the upcoming launch of Franklin Templeton's XRP ETF. On Tuesday, Franklin Templeton submitted the 8-A filing, planning to launch the Franklin XRP ETF (XRPZ) on Wednesday, November 19. The submission of the 8-A filing is the final step in the issuance process of this ETF, indicating that the ETF has completed all regulatory approval procedures and is ready to start trading.

Analysts expect that, given the assets managed by Franklin Templeton amount to as much as $1.5 trillion, the demand for its XRP ETF will far exceed that of the Canary XRP ETF (XRPC). Franklin Templeton is one of the largest asset management companies in the world, and its entry into the XRP ETF market marks a new height of institutional recognition for XRP. Notable cryptocurrency commentator Jungle Inc Crypto News commented on the launch of the Franklin XRP ETF:

“Analysts currently predict that Franklin Templeton's XRPZ first-day volume could reach between 150 million to 250 million USD, which is five times the first-day volume of Canary's XRPC ETF. With Franklin Templeton's entry and several other issuers planning to launch XRP ETFs, institutional investors' investment in XRP is expanding at a pace far exceeding most people's expectations.”

The cryptocurrency commentator emphasized the importance of the upcoming conference, adding: “The next few weeks will show whether this demand will start to manifest, or if the real demand flow is still ahead.” Given that in November, the outflow of funds from Bitcoin Spot ETFs reached as high as $2.58 billion, the launch of the Franklin XRP ETF will face stricter scrutiny. If the Franklin XRP ETF can attract inflows against the backdrop of outflows from Bitcoin ETFs, it will prove that XRP has investment value independent of Bitcoin.

Market structure bill progress accelerates legislative catalyst heats up

Although the Franklin XRP ETF-related documents dominated the XRP headlines today, legislative progress on Capitol Hill is also crucial. U.S. cryptocurrency program host Eleanor Terrett shared the latest developments on the market structure bill, stating: “Senator Tim Scott, who has remained silent on banking market structure until now, revealed a timeline today: deliberation and voting will take place next month in the Banking Committee and the Judiciary Committee, with legislative review expected in the Senate full session early next year.”

Why do XRP traders need to closely follow the progress of the Market Structure Bill on Capitol Hill? On July 17, after the House submitted the Market Structure Bill to the Senate, the price of XRP surged by 14.69%. It is anticipated that favorable legislation for cryptocurrencies will be introduced in the future, which could drive the listing of an XRP Spot ETF, thereby boosting institutional demand. This historic price reaction indicates that legislative progress has a direct and significant impact on the price of XRP.

The U.S. Senate's passage of the market structure bill will provide a clearer regulatory framework for the cryptocurrency industry, which is particularly important for XRP, as Ripple's lawsuit with the SEC has long plagued XRP's development. A clear regulatory environment will eliminate compliance concerns for institutional investors and pave the way for the launch of XRP ETFs and other institutional products. Senator Tim Scott's revealed timeline indicates that the legislative process is accelerating, which provides a strong mid-term catalyst for XRP.

Technical Analysis and Key Price Levels

(Source: Trading View)

Despite the rebound on Tuesday, the trading price of XRP continues to be below the 50-day and 200-day Exponential Moving Averages (EMA), confirming the bearish momentum. Looking ahead, some price trend catalysts may extend the recovery and potentially drive XRP towards $2.5.

Key technical levels to follow

Support levels: $2.2, $2.0, and $1.9

50-day moving average resistance level: 2.4726 USD

200-day moving average resistance level: 2.5574 USD

Resistance Levels: 2.35 USD, 2.5 USD, 2.62 USD, 2.8 USD, 3.0 USD, and 3.66 USD

In a bullish scenario, after breaking through the resistance level of $2.35, the price may further test the 50-day moving average and the resistance level of $2.5. If the price continues to break through $2.5, it may move towards the 200-day moving average. The breakout of XRP price at $2.35 is key for the price rebound. Factors such as the dovish meeting minutes from the Federal Reserve, strong capital inflows reported for the XRP Spot ETF, blue-chip companies holding XRP as treasury reserve assets, and Ripple obtaining a chartered bank license in the US will support the bullish scenario.

In a bearish scenario, the risk of falling below $2.2 still exists. Factors such as the hawkish Federal Reserve meeting minutes, net outflows from the XRP Spot ETF report, and the U.S. Senate's obstruction of cryptocurrency-friendly legislation may push XRP below $2.2. If it falls below that level, the trendline below will become the next key support level. If it breaks below the trendline, it may reach the psychological support level of $2. The noteworthy point is that there were multiple attempts in October to break the upper trendline, all of which failed, resulting in lower highs and lower lows in the price.

The next 72 hours will determine if XRP can recover lost ground

Later on Wednesday, as the market's expectation for a Federal Reserve rate cut in December weakens, the FOMC meeting minutes may influence market sentiment. Concerns about high inflation in the United States are growing, which could signal a delay in further easing policies, adversely affecting cryptocurrencies. Nevertheless, the strong demand from institutional investors for the Franklin and Bitwise XRP ETF may offset any negative impact from the meeting minutes.

Traders should also closely follow the legislative dynamics on Capitol Hill, where the “Market Structure Bill” is another key price catalyst. The next 72 hours could determine whether XRP can recover lost ground. Strong demand for the XRP Spot ETF could decouple the token from Bitcoin, creating an independent upward trend.