XRP Price Forecast: Canary Capital Files for Spot XRP ETF with SEC — Will This Fuel a Price Rally?

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The XRP price has kept to the $0.5298 level today, marking a very slight 0.2% gain in 24 hours as the cryptocurrency market as a whole falls by 1%.

This incremental lift isn’t enough to save XRP from medium-term drops, however, with the altcoin down by 12% in a week and by 0.5% in a month.

Yet the longer term picture looks better for XRP, with investment firm Canary Capital filing for a spot-based XRP ETF yesterday, following in the footsteps of Bitwise.

While the SEC’s recent appeal against Ripple puts the idea of an XRP ETF into doubt for now, the early interest in launching an exchange-traded funded suggests that the coin’s market could really take off once the appeal finds a resolution.

XRP remains in the middle of a downtrend, yet the fact that its support (green) and resistance (red) levels are rising in parallel would suggest that this trend shouldn’t last for too long.

What may happen is that the coin could start to recover more concertedly once its relative strength index (purple) gets closer to 30, from which it will bounce up.

We may be close to this point, given that XRP’s 30-period moving average (orange) looks like it’s hitting a bottom in relation to the 200-period average (blue).

Its trading volume remains relatively healthy, at around $1 billion today, but it still seems that whales are likelier to sell the coin at the moment.