XRP Price Slips 5% as Canary Capital Moves Closer to Spot XRP ETF Launch

The XRP price has slipped 5% in the last 24 hours, to trade at $2.48, on a 6% drop in the daily trading volume, to $5.47 billion.

That price drop comes despite Canary Capital having updated its S-1 filing to launch a spot XRP ETF by November 13, removing the “delaying amendment” that prevents automatic effectiveness. This change mirrors Canary’s recent Solana and HBAR ETFs filings, which went live automatically under the same process.

If Nasdaq approves the firm’s 8-A filing and the SEC raises no objections, the ETF could debut as early as mid-November, though delays are possible depending on government review progress. Bloomberg’s Eric Balchunas noted that the XRP filing hasn’t undergone the same SEC back-and-forth as Solana’s, suggesting a “worth a try” approach.

Meanwhile, Bitwise CIO Matt Hougan expects the XRP ETF could attract over $1 billion in inflows within months, driven by the enthusiasm of the XRP investor community. The success of the Rex-Osprey XRP ETF—which recently surpassed $100 million—strengthens optimism for further institutional adoption. Right now, 20 XRP ETF filings are pending before the SEC, slightly fewer than Bitcoin and Solana’s 23 each, highlighting growing momentum for XRP-based investment products.

XRP Price Eyes Bullish Reversal After Breaking Bearish Channel

XRP appears to be preparing for a bullish comeback after weeks of downward movement. The token is currently trading at $2.48, up nearly 2% in the last 24 hours, showing early signs of a potential trend reversal. The chart indicates that XRP has broken out of a bearish channel that had contained its price since late July, signaling that bearish pressure might be weakening.

Throughout the past few months, XRP struggled to maintain momentum after reaching highs near $3.60, facing strong rejection and sliding steadily within the descending channel. However, recent trading activity shows XRP finding solid ground near the $2.20–$2.30 support zone, a level that has acted as a historical base for price rebounds. The Relative Strength Index (RSI) has also turned upward from the oversold region, suggesting renewed buying interest among traders.

XRPUSDT Analysis Source: Tradingview

Technically, the breakout from the descending channel hints at the beginning of a bullish reversal pattern. If the current trend holds, XRP could target the next major resistance near $3.40, which aligns with the projected target price shown on the chart. This move would represent a gain of more than 35% from current levels. The RSI’s movement toward the neutral 50 line supports the idea that momentum is shifting back in favor of buyers.

Still, analysts caution that XRP must maintain support above $2.30 for the bullish scenario to remain valid. A drop below this level could invalidate the breakout and push the token back into consolidation. On the upside, reclaiming the $3.00 mark would confirm a strong reversal and likely attract more institutional inflows—especially as investors anticipate potential approval of a spot XRP ETF by mid-November.