Ripple’s cross-border token has registered a substantial uptick over the past week, and many pro-XRP analysts expect the resurgence to continue in the near future.
Several key factors, including the launch of the first spot XRP ETF in the United States, support the bullish expectations.
New Peaks Coming in November?
As CryptoPotato reported, Canary Capital’s product, dubbed XRPC, was officially approved by the US Securities and Exchange Commission (SEC) and began trading on the Nasdaq Global Market on November 13. This is the first such regulated product to fully track XRP, which has been greenlighted in the world’s largest economy, and will provide investors with a simple way to gain direct exposure to Ripple’s native token.
After all, buying a spot ETF is like purchasing regular stocks: it’s all settled via standard brokerage accounts, and in the end, investors hold shares of the product, whereas the fund itself accumulates and securely holds the underlying digital assets on their behalf.
This is supposed to increase the overall interest in the underlying asset, which could be followed by a price surge if the demand meets or exceeds expectations. Meanwhile, the fintech giant Robinhood has also officially listed XRPC, fueling additional excitement across the XRP Army.
The next element that may be interpreted as bullish for the price is the asset’s recent exchange netflow. Data shows that over the past several weeks, outflows have surpassed inflows, indicating that investors have abandoned centralized platforms and switched to self-custody methods. This, in turn, leads to reduced immediate selling pressure.
Last but not least, the XRP ecosystem continues to show robust activity and has even accelerated lately. The number of XRP payments from one account to another has been hovering around the one-million mark daily, whereas the number of executed transactions often surpassed two million in the past days. In addition, the number of newly created accounts on November 11 jumped above 13,000, the highest level witnessed since January this year.
This resurgence suggests that more people have been actively using XRP, reflecting growing adoption and increased utility, which could ultimately lead to a price rally.
Something for the Bears
Despite the aforementioned factors, the recent whale exodus signals that XRP is not yet out of the woods. Large investors have offloaded approximately 1.4 billion tokens over the past month, an amount worth almost $3.5 billion (calculated at current rates).
This increases the circulating supply of XRP and may be followed by a price pullback should demand not pick up the pace. Additionally, the move may spread confusion and even panic across the community, which could prompt a further sell-off from smaller players.
The post 3 Reasons Why Ripple (XRP) May Take off This Month appeared first on CryptoPotato.
