XRP Price Climbs Above $2 As NYSE Approves Grayscale XRP And DOGE ETFs For Launch Today

The XRP price edged up over 1% in the past 24 hours to trade at $2.077 as of 4:04 a.m. EST on trading volume that surged 16% to $4 billion.

The climb above $2 comes as the New York Stock Exchange (NYSE) authorized the listing of Grayscale’s Dogecoin and XRP ETFs (exchange-traded funds), with both set to debut today.

Eric Balchunas, a senior ETF analyst at Bloomberg, confirmed the NYSE approvals via a post on X, adding that Grayscale’s ETF tied to Chainlink (LINK) is expected to follow within the next week or so.

Grayscale’s XRP ETF provides institutional investors with another regulated way to buy the crypto, potentially boosting demand for the asset. Will the XRP price surge?

XRP Price Poised For A Recovery

After trading below the $2.54 level from March to July, the XRP price went on to breakout above this level, pushing the token towards a parabolic curve to the $3.66 all-time high (ATH).

After touching the ATH, the Ripple token price went through a correction, trading within a well-defined falling channel pattern, as the bears took full control of the asset.

The outlook weakened further when a death cross formed at $2.61, where the 50-day Simple Moving Average (SMA) crossed below the 200-day SMA leading to a sustained bearish stance.

As a result, the price of the Ripple token has dropped below both the SMAs, which supports the bearish stance.

However, after touching the lower boundary of the falling channel at $1.89, XRP is now attempting a recovery, as it retests the $2.2 resistance zone.

The Relative Strength Index (RSI) is also showing signs of a recovery from the 30-oversold region, currently at the 40 level on the 1-day timeframe, supporting the narrative that buyers are coming back to the market.

Ripple Token Price Prediction

Based on the current structure, the XRP price is trading near the lower boundary of a descending channel, which in most cases acts as a short-term support zone.

If buyers manage to defend this area, a relief bounce toward the midpoint of the channel appears likely, placing a potential upside target around the $2.30–$2.40 region. This zone also aligns with the 50-day SMA, which may act as initial resistance for the Ripple token price.

A stronger bullish reversal would require a breakout above the channel’s upper trendline, opening an opportunity for a move toward the previously highlighted supply zone around $2.80–$3.00.

However, the recent death cross between the 50-day and 200-day SMAs shows that bears are still in control.

If selling continues and the price of the Ripple token loses its current support, a retest of lower liquidity zones around $1.80–$1.95 could follow.