Ripple price today: $0.530
Ripple hovers near $0.530 on Wednesday, technicals point to a decline ahead.
Canary Capital has officially filed for an XRP ETF with the US SEC.
XRP’s long-to-short ratio trades below one, suggesting a bearish move on the horizon.
Ripple (XRP) stabilizes around $0.530 on Wednesday after facing rejection from its daily resistance level on Monday. Canary Capital’s official filing for an XRP Exchange Traded Fund (ETF) with the US Securities and Exchange Commission (SEC) on Tuesday is generally a positive development. However, technical analysis and on-chain metrics indicate a potential short-term correction for Ripple.
Canary Capital files for Ripple ETF with US SEC
Canary Capital officially filed for an XRP ETF with the SEC on Tuesday, following a similar move by Bitwise last week. Despite ongoing regulatory challenges, ETF fillings by big investment companies are generally positive signs for Ripple in the long term, as an ETF can make it easier for traditional investors to gain exposure to XRP without needing to purchase and store the cryptocurrency directly. Moreover, approving an ETF could lend more legitimacy to XRP and increase liquidity.
