XRP, the fourth-largest cryptocurrency by market capitalization, is at a crucial juncture as it battles to break above a key technical resistance level, attempting to drive a rally towards $3.
In the last four days, XRP has been locked in a fierce battle to achieve a decisive breakout above the daily simple moving average (SMA) 50 at $2.18. Despite recent bullish attempts, the cryptocurrency has been unable to break through this key barrier.
Today’s attempt saw XRP reach an intraday high of $2.24, sparking optimism that a breakout might be imminent. However, the momentum quickly cooled, with sellers stepping in to defend the daily SMA 50 level, prompting XRP to fall below it once more.
At the moment, XRP is trading near the 50-day SMA, down 0.12% in the last 24 hours to $2.19, indicating that the bears are fiercely defending the level. As the XRP price consolidates, traders will look for a significant break above the daily SMA 50, which has the ability to push XRP to $3 if successfully breached.
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On the downside, a break and close below $2.13 indicates that the bears stay in control. If the price falls below $2, the downward momentum may accelerate, with support next at $1.60.
XRP ETF launches in Brazil
Asset manager Hashdex has launched the world’s first XRP ETF, marking another crypto milestone on the Brazilian stock exchange.
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The XRP ETF, launched under the ticker XRPH11, will provide investors with regulated access to XRP. It is Hashdex’s ninth crypto ETF in Brazil and its 33rd product globally.
Hashdex will also issue the Hashdex Nasdaq XRP Fund de Indices, which will be managed by Genial Investimentos, a well-known financial services platform in Brazil. Hashdex selected Genial Bank SA as the ETF’s custodian.
Interest in XRP and XRP Ledger has continuously increased as the network’s institutional and retail adoption grows. This week, CME Group announced intentions to launch cash-settled XRP futures on May 19, subject to regulatory approval, expanding its crypto derivatives lineup.