The new regulations approved by the SEC on the Cboe exchange have opened up opportunities for financial institutions to expand cryptocurrency ETF funds, allowing them to hold a more diverse basket of digital assets. Franklin Templeton is one of the pioneers in this trend.
According to Coin Photon, this renowned asset management company is looking to add Ripple (XRP) to its investment portfolio, expanding the scope of the Franklin Crypto Index ETF. At the same time, Franklin Templeton has also launched its own spot XRP product named XRPZ Trust. This information has created a strong impetus, pushing the price of XRP to increase significantly on Monday, November 24.
Previously, the price range of $2.05–$2.15 was a short-term resistance level, but it is currently being tested again as a strong support area. However, looking at the longer time frame, XRP still maintains an overall downtrend. Reserves on the exchange are decreasing and widespread short selling is opening up the possibility of a short-squeeze phenomenon. The question is: How far can this short-term upward momentum break through?
These increases are not enough for the XRP bulls to celebrate.
XRP/USDT Daily Chart | Source: TradingViewThe 1-day timeframe chart shows a large imbalance area (white box) remaining after the crash on October 10, and in the following weeks, this area has become a significant resistance.
The price drop in November, especially after November 11th, saw a significant increase in sales volume, enough for XRP to create a new swing low and maintain the overall bearish trend. Overall, the structure on the daily timeframe still leans towards the bears.
XRP/USDT 4-hour chart | Source: TradingViewHowever, on the 4-hour chart, the internal structure leans towards a bullish trend. The most recent lower high at $2.15 on November 20 has been broken, but the OBV index has not yet surpassed the previous lower high, reflecting weak buying power as the price rises. Over the past three months, XRP has frequently broken local lows on the 4-hour chart, and these fluctuations often target areas that previously triggered strong rallies — such as the spike to $2.55 on November 10. When retested, this level triggered the subsequent decline, ending recently.
Therefore, XRP bulls need to be cautious. The increase to $2.4–$2.5 is feasible, but the final scenario may still repeat as before.
SN_Nour
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