- XRP battles $2.18 resistance with $3 in sight.
- Price consolidates near 50-day SMA at $2.19.
- Hashdex launches world’s first XRP ETF in Brazil.
XRP, now in the top four of the Cryptocurrency Market Cap league table, tries to blast through its crucial technical resistance in order to spring the rally towards $3.
For the past four days, XRP has become embroiled in an intense battle to break out above the daily 50 day SMA price level of $2.18. The digital asset has failed so far to overcome this important threshold despite several attempts to the north. Talking about today’s trading, XRP rose to an intraday high of $2.24, though, sending some hope that a breakout might finally follow. But momentum quickly disappeared as sellers stepped up to defend it and make their way back under it.
XRP Holds Near 50-Day SMA Level
When it comes to declines over the past 24 hours, XRP actually saw a slight loss of 0.12 percent but currently remains near the 50 day SMA at $2.19. Bears appear to be holding strong resistance to this level with the persistent defense of it. Now that XRP has found a floor and is consolidating in this area, there is a lot of anticipation for a break above the daily SMA 50, which would pave the way for XRP to reach $3.
On the flip side the break and close below $2.13, despite being somewhat shallow would indicate that the bears remain in control. If the price sinks below $2, further drop is likely, the next significant support line is at $1.60.
Launch of World’s First XRP ETF in Brazil
In a major positive for XRP being picked up by the masses, an asset management firm Hashdex launched the world’s first cryptocurrency XRP Exchange Traded Fund (ETF), on May 1 on the Brazilian stock exchange, allowing the cryptocurrency sector to set a new milestone as well.
The XRP ETF, ticker XRPH11, is a regulated way for investors to have exposure to XRP. This is Hashdex’s ninth crypto ETF in Brazil and 33rd product globally. Hashdex will also launch Hashdex Nasdaq XRP Fund de Indices, an indexed fund with the same product, in partnership with Genial Investimentos, a leading financial services company in Brazil. The custodian for the ETF has been chosen as Genial Bank SA.
XRP and the XRP Ledger remain hot on the heels as interest surged from institutional and retail adoption on the network. The plans by CME Group this week to launch cash-settled XRP futures on May 19 (pending regulatory approval) further bolsters XRP’s outlook and it is among various crypto offerings from the derivatives giant.
