XRP has risen more than 8% in the past 24 hours to trade around $2.05, outperforming other major altcoins as the crypto market stabilizes. The surge coincides with the upcoming debut of Grayscale's XRP ETF on the New York Stock Exchange on November 24, following SEC approval on November 21. This development follows strong performances from other recent XRP ETF launches, boosting investor optimism despite broader market slumps.
XRP's price recovery comes after a volatile period, including whale liquidations of 190 million tokens that pushed it below $1.90 earlier in the month. Trading near $2.03 to $2.05, the token shows signs of stabilization with support holding at $1.81 to $1.90, according to on-chain data indicating low exchange reserves and absorption by smaller holders.
The key catalyst is the launch of Grayscale's GXRP ETF on November 24, approved by the US Securities and Exchange Commission on November 21. A separate approval the same day greenlit Grayscale's Dogecoin ETF, or DODGE, with Bloomberg analyst Eric Balchunas predicting up to $11 million in first-day trading volume. Grayscale's Chainlink ETF is also expected to gain approval soon.
Recent XRP ETF debuts have set records. Canary Capital's XRPC ETF launched with $59 million in first-day volume as of November 17, ending with $250 million in assets under management, per a company press release. Another report cites $270 million in inflows for the Bitwise XRP ETF, highlighting strong institutional interest that is tightening supply through escrow mechanisms, as Ripple holds portions of its 100 billion total supply.
Despite enthusiasm, the broader crypto market faces headwinds. On November 20, investors withdrew $548 million from Bitcoin ETFs, including $355 million from BlackRock's iShares Bitcoin Trust, amid a slump to nine-month lows. Analysts see parallels to Bitcoin's post-ETF rally in 2024, projecting XRP targets of $2.30 to $2.57 if inflows persist, though failure to hold $1.81 could test $1.50.
Ripple CEO noted a pre-Thanksgiving rush in ETF launches, including from Franklin Templeton, expanding regulated access. Technical indicators, like a multi-year ascending triangle breakout and rising RSI from oversold levels, support a bullish outlook into 2026.
