XRP Demand Soars as Hashdex ETF Requires 215 XRP Per Share

• The SEC’s acknowledgment of Hashdex Nasdaq Crypto Index US ETF highlights growing regulatory acceptance of crypto.
• Significant XRP demand for the ETF signals its rising importance, with 17M+ XRP needed per share.
• XRP shows potential for price reversal, with RSI at 40.30 and MACD below the signal line, indicating possible future gains.

The U.S. SEC has formally acknowledged the 19b-4 filing for the Hashdex Nasdaq Crypto Index ETF, as highlighted by Chad Steingraber. This ETF proposes to hold both spot Bitcoin and Ethereum, marking a significant development in the digital asset landscape.

According to the filing, each share of the ETF would require 215.85405164 XRP. With 79,609.477 shares currently under the fund, this translates to a total XRP holding of 17,184,028.16. This substantial XRP demand per share underscores its growing importance in the crypto ecosystem. The net asset value (NAV) per share is $6,725.44, with XRP constituting 1.48% of the overall market or index weight.

As of this writing, XRP’s price stands at $0.4783, reflecting a modest 0.07% increase over the past day, according to CoinMarketCap data. The market capitalization has risen to $26.63 billion, also up by 0.07%. Notably, the 24-hour trading volume has surged by 38.74%, reaching $766.10 million. The volume-to-market cap ratio for the past 24 hours is 2.86%, indicating heightened trading activity.

The circulating supply of XRP is currently 55,688,327,582, representing 55.69% of the total supply of 99,987,490,594 XRP. The maximum supply is capped at 100 billion XRP, resulting in a fully diluted market cap of $47.82 billion.

Source:  Coinmarketcap

Technical analysis of the 1-day chart reveals that XRP has been trading within a narrow range, reaching a low of approximately $0.476 and a high of around $0.482. This price action suggests support at $0.476 and resistance around $0.482.

XRP/USD 1-week price chart, Source: TradingView

XRP’s 1-week Relative Strength Index (RSI) currently stands at 40.30, indicating a neutral position. This suggests the possibility of a price reversal in the near future. Additionally, the one-week moving average convergence divergence (MACD) is trading below the signal line, further supporting the potential for a price reversal.