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The XRP price surge seems imminent with the emergence of the REX-Osprey ETF this week:
XRP holds at $3.00, reflecting calm in the cryptocurrency market ahead of the Federal Reserve's interest rate decision on Wednesday.
James Seyffart from Bloomberg mentions the launch of the REX-Osprey XRP ETF this week.
XRP is still at risk of extending declines below the 3.00$ level if macro factors fail to support a bullish outcome.
Ripple (XRP) maintains a bullish outlook as it trades around $3.045 on Tuesday, with market participants awaiting the interest rate decision from the Federal Reserve (Fed) in the United States (US) this Wednesday.
The consensus is that the Federal Open Market Committee (FOMC) will cut interest rates by 25 basis points to a range of 4.00 to 4.25%, amid growing optimism for a 50 basis points reduction.
A reduction in interest rates may support a positive outlook for the cryptocurrency market in the fourth quarter, as investors seek exposure to riskier assets such as cryptocurrencies and stocks.
Can XRP witness a bullish wave with the launch of the XRP ETF?
The REX-Osprey XRP exchange-traded fund (ETF) is expected to begin trading in the United States this week, according to Bloomberg analyst James Seyfart via X on Monday. Following the launch, traditional market investors will have direct exposure to XRP for the first time in the United States.
The ETF, expected to trade under the symbol XRPR, provides exposure to the price of the underlying asset by holding XRP and other XRP-related ETF products listed globally, which differs from Bitcoin and ETH ETFs.
"The fund documents also contain language that allows for the use of derivatives for exposure if necessary, but it is certainly not the primary method of exposure," said Seyfart.
REX Shares, the company responsible for the XRPR ETF, has not specified a launch date; however, Cypherate mentioned that the product could begin trading this Thursday, alongside the Dogecoin ETF DOJE, which is backed by the same entity.
Bitcoin and Ethereum exchange-traded funds play a crucial role in the cryptocurrency market, providing traditional investors with direct exposure to the two largest digital assets by market capitalization on exchanges.
The inflows into BTC and ETH exchange-traded funds have led to price increases in both assets, reflecting increased demand. Thus, the launch of the XRPR fund may raise interest in the cross-border payment token, which could lead to a new bullish wave to new all-time highs above $3.66 reached on July 18.
Technical Vision: XRP is anticipating a bullish wave
XRP remains above $3.00 at the time of writing this on Tuesday, supported by a downward trend line and a 50-day exponential moving average at $2.944.
The Relative Strength Index (RSI), which is currently recovering at 54 after testing the middle line, supports a scenario where bullish momentum is increasing before a breakout towards the all-time high of $3.66.
The Moving Average Convergence Divergence (MACD) indicator supports XRP's positive condition, as it has maintained a buy signal since September 8. Investors will consider increasing their exposure to XRP as the blue MACD line remains above the red signal line.
In addition to the XRPR ETF, the Federal Reserve's interest rate decision on Wednesday could shape the outlook for the cryptocurrency market in general. Lowering the interest rate will enhance positive risk sentiment for digital assets, including XRP.
If the market dynamics turn to the bearish side and the price of XRP drops below the $3.00 level, the 50-day exponential moving average at $2.944, the 100-day exponential moving average at $2.817, and the tested support at $2.695 on September 1 will be in a position to absorb selling pressure.
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