XRP Rally on Whale Accumulation and Spot ETF Approval
XRP has regained bullish momentum as whale accumulation and ETF optimism converge. On-chain data show exchange reserves fell 3.64% to $6.79 billion, with $4.75 million in net outflows signaling reduced sell pressure and increased buy-side demand. Meanwhile, Canary Funds’ amended S-1 filing removed delaying clauses for a spot XRP ETF, targeting automatic approval by mid-November pending Nasdaq clearance. Technically, XRP holds support near $2.45 after forming higher lows and is testing resistance at $2.49. A decisive break above the $2.70 descending trendline could trigger a rally toward the key $3.12 resistance, with potential to extend to $3.65. Traders should watch support around $2.45 and resistance between $2.70 and $3.12 for breakout opportunities. The combination of ETF catalysts, on-chain accumulation, and bullish technical indicators underpins a favorable outlook for XRP.
Bullish
The convergence of key bullish catalysts supports an optimistic view for XRP. Short-term, net outflows from exchanges and whale accumulation signal reduced supply and increased demand, while ETF approval prospects have boosted institutional interest and market confidence. Technically, XRP’s formation of higher lows and test of the $2.70 trendline provide a clear setup for a potential breakout to $3.12 and beyond. Over the longer term, the removal of delaying clauses in Canary Funds’ S-1 filing enhances the likelihood of a spot XRP ETF, which could further spur liquidity and price appreciation. Collectively, these on-chain, fundamental, and technical factors favor a bullish trajectory for XRP.