XRP rebounded 4.59% to $2.3140 on Friday as optimism over spot ETF filings offset broader volatility in the crypto market. Several ETF issuers, including Canary Capital, Bitwise, Franklin Templeton, and 21Shares, submitted amended S-1 filings to navigate around SEC delays caused by the ongoing U.S. government shutdown — a move seen as a crucial step toward potential November ETF launches.
The rally comes amid a turbulent period for XRP, which remains 7.72% down for November after an 11.84% decline in October. Despite the short-term uptick, the token continues to trade below its 50-day and 200-day exponential moving averages (EMAs), with traders closely monitoring for a death cross confirmation — a bearish technical pattern signaling potential further downside.
ETF Race Accelerates Amid SEC Slowdown
The filing adjustments represent a strategic maneuver by issuers seeking to launch XRP-related ETFs despite regulatory gridlock. Under SEC Generic Listing Standards, certain commodity-based ETFs can proceed to market 20 days after filing without requiring 19b-4 approval, which typically takes up to eight months.
By removing delaying language from their applications, Canary Capital may secure a first-mover advantage, with others like Bitwise and Franklin Templeton closely following suit. Meanwhile, CoinShares, Grayscale, and WisdomTree remain on standby pending the SEC’s full reopening or further amendments.
Nate Geraci, President of NovaDius Wealth Management, described the shift as “the final nail in the coffin of previous anti-crypto regulators,” signaling a broader change in the regulatory landscape from the Ripple legal battle era toward Paul Atkins’ Project Crypto initiative.
Death Cross Concerns vs. Ichimoku Strength
Technically, XRP faces a critical test around the $2.30 support level, with bearish projections pointing toward a potential drop to the $1.90–$2.00 zone, representing a possible 14–17% downside if momentum weakens further.
The 50-day and 200-day EMAs are converging — a precursor to a death cross — that could confirm a bearish trend continuation if price action remains subdued. Immediate resistance levels lie between $2.60 and $2.70, while a firm hold above $2.55 may help stabilize sentiment.
However, the quarterly Ichimoku Cloud paints a more optimistic picture. For the first time in XRP’s history, the token has built a base above its 3-month conversion and baseline, suggesting a long-term structural advance. This stands in contrast to prior short-lived rallies that quickly reversed.
Outlook: ETF Launches Could Determine XRP’s Next Move
Traders are eyeing November 13 as a potential key date for ETF approvals and market reaction. A confirmed ETF launch could renew bullish momentum and potentially invalidate near-term bearish technical signals.
In the short term, XRP remains at a technical crossroads. A confirmed death cross could trigger additional selling pressure, but strong ETF-driven inflows or favorable regulatory updates might offset bearish sentiment.
