XRP price has hovered near the $2.5 support over the last 24 hours, with the latest market developments hinting at a massive rally ahead.
For context, Bitwise recently updated its Ripple ETF filing with the US Securities and Exchange Commission (SEC), which has fueled optimism among traders.
Amid this, a renowned expert highlighted a technical trend, which suggests a possible rally for the crypto to $5.
Besides, the altcoin ETF market is heating up, with a flurry of players advancing to launch the investment instrument for the assets.
However, despite the soaring discussions over the XRP ETF approval, it has failed to move the price significantly.
So, here we take a quick tour of the latest developments and how they may impact the XRP price in the near future.
Bitwise Updates XRP ETF Filing: Details
In latest XRP news, leading asset management firm Bitwise updated its XRP ETF filing with the US SEC.
Bloomberg analyst Eric Balchunas highlighted this development, saying that the latest filing includes crucial details like the listing venue, the New York Stock Exchange, and a management fee of 0.34%.
According to Balchunas, these are typically the last boxes to check before a potential launch.
This is part of the Amendment #4 to Bitwise’s XRP ETF filing, and notably, the “delaying effective amendment” has been removed.
The removal suggests that the ETF could become auto-effective, allowing it to launch without further regulatory hurdles.
Balchunas confirmed that this move enables an auto-effective filing, which could expedite the launch process.
Meanwhile, it also comes just after Canary Capital updated its S-1 filing for its Spot Ripple ETF, which also removed the “delaying amendment” clause.
This sets the stage for a potential launch date of November 13, pending Nasdaq’s approval of the 8-A filing.
Considering these factors, the ETF approval, if it happens, could facilitate a strong run for XRP price.
While the crypto has recorded muted trading over the past few days, the approval confirmation could trigger a potential rally to $5.
XRP Price Near Flatline, What’s Next?
XRP price has moved between the $2.49 and $2.55 range in the last 24 hours, while adding about 0.5% and resting at $2.50 at the time of writing.
Its trading volume fell 29% to $3.81 billion, indicating declining trading activity in the market.
It’s worth noting that the waning trading activity and muted price movements come despite the XRP ETF optimism.
Notably, Ripple coin price slipped around 1.2% in the weekly chart, while losing around 16% over the last 30 days.
Amid this, renowned analyst Ali Martinez has warned of a further correction for the asset. In a recent X post, the analyst said that XRP price may revisit $2 before a rebound.
However, it seems that not everyone is bearish about Ripple coin. For instance, analyst CryptoBull highlighted the “perfect cup and handle” pattern in XRP’s monthly chart.
Considering that, the expert said that XRP price is gearing up for a major move, potentially hitting the $5 target or beyond.
This comment has fueled optimism, especially as the Ripple ETF developments have already lifted the market sentiment.