Key Highlights
What’s Driving XRP’s Bullish Sentiment Amidst Volatility?
XRP is experiencing renewed bullish sentiment due to positive crowd and smart money indicators, along with investor accumulation indicated by outflows.
How Might the ETF Update Impact XRP’s Potential Breakout?
The expected approval of the ETF in mid-November could boost institutional demand and strengthen the current bullish momentum.
Market Prophit data reveals that Ripple [XRP] is seeing a surge in optimism as both retail and institutional sentiment turn bullish.
Despite recent market fluctuations, the alignment of sentiment indicators points to growing investor confidence.
This positive shift is accompanied by a significant outflow of $4.75 million from exchanges and a 3.64% decrease in Exchange Reserves, indicating a trend towards accumulation rather than selling.
Traders are now closely monitoring whether this synchronized bullish sentiment can push XRP towards a confirmed breakout after a period of uncertainty.
Is XRP Poised for a Major Breakout?
XRP’s price action shows early signs of strength, with buyers aiming to regain control around $2.49 while facing resistance from the descending trendline.
Although sellers have defended this trendline in the past, the formation of higher lows suggests accumulation below $2.45, a key short-term support level indicating increasing buyer conviction.
If bulls successfully breach the $2.70 resistance, momentum could drive XRP towards the $3.12 mark, where previous selling pressure was observed.
A break above this level could pave the way for a potential trend reversal towards $3.65, supported by the current MACD crossover indicating sustained bullish momentum.
Source: TradingView
Positive On-Chain Data Reinforces Bullish Outlook
Recent on-chain data continues to support a positive outlook for XRP, with Exchange Reserves decreasing by 3.64% to $6.79 billion and daily spot netflows showing a $4.75 million outflow.
These movements indicate that more XRP is leaving exchanges than entering, a behavior typically seen during accumulation phases.
Whale activity also aligns with this trend, as consistent withdrawals mirror previous accumulation cycles preceding market rallies.
The decreasing reserves on exchanges suggest a tightening supply, setting the stage for a potential price surge once bullish momentum gains traction.
Source: CoinGlass
Optimism Surrounding XRP ETF Update
The recent update to Canary Funds’ S-1 filing for a spot XRP ETF has boosted market confidence, with the removal of delaying clauses positioning the fund for potential automatic approval by mid-November pending Nasdaq’s Form 8-A clearance.
Historically, ETF-related news has generated strong interest, and XRP is reflecting similar bullish momentum in anticipation of this approval.
The excitement surrounding the ETF approval is driving on-chain optimism, prompting early positioning by traders as institutional involvement grows, potentially reinforcing XRP’s bullish market structure.
Catalysts Align for XRP’s Next Rally
The convergence of bullish sentiment, whale accumulation, and ETF optimism provides a strong foundation for XRP’s potential rally.
Both technical and on-chain indicators indicate strengthening buyer momentum and reduced selling pressure, with a breakout above $2.70 potentially leading to further gains towards $3.12 and $3.65.
The combination of retail confidence, institutional anticipation, and smart money accumulation may signal the beginning of a broader recovery phase for XRP.
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