XRP (CRYPTO: XRP) is tightening into its biggest technical squeeze in months, just as Grayscale's new ETF makes its debut on Monday.
Institutional Demand Builds As XRP ETF Wave Accelerates
Grayscale has introduced its Grayscale XRP Trust ETF on NYSE Arca under the ticker GXRP, converting the vehicle from a private placement first introduced in September 2024.
The company said the ETF is intended to provide "straightforward exposure" to XRP, the fourth-largest cryptocurrency by market capitalization.
Krista Lynch, senior vice president of ETF Capital Markets at Grayscale, said the launch broadens access to the growing XRP ecosystem.
The debut follows similar XRP ETF rollouts by Canary Capital and REX Shares, joining a wave of new offerings tied to digital assets.
Legal Overhang Clears After SEC Case Ends
XRP's regulatory narrative shifted this year after Ripple and the U.S. Securities and Exchange Commission dropped remaining appeals in their long-running court battle.
A previous ruling found that Ripple's programmatic sales on exchanges did not violate securities laws but that certain direct institutional sales did.
Under the second Trump administration, the SEC adopted a changed posture toward cryptocurrency, including dropping investigations, hosting industry roundtables, and advancing "Project Crypto" to update digital asset rules.
The shift has accelerated ETF approvals and conversions across the sector, including several Grayscale products tied to Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), and Solana (CRYPTO: SOL).
XRP Price Tightens Inside Descending Triangle
Price Prediction for XRP as of November 24th (Source: TradingView)
XRP trades near $2.09, up about 2% on Monday.
Price remains trapped inside a large descending triangle that has guided price action since August.
Sellers continue to defend the down-sloping trendline, while buyers have repeatedly stepped in near a rising support base around $1.9.
The 20-, 50- and 100-day EMAs at $2.19, $2.38 and $2.53 form a stacked resistance cluster that has capped every rebound over the past month.
The Supertrend indicator also stays red, reflecting persistent downside bias. Until XRP closes above the Supertrend level, the trend has not changed.
Every rally inside a red Supertrend zone is considered a short-lived bounce rather than a real shift in direction.
XRP Netflows (Source: Coinglass)
Coinglass data shows $22.96 million in net outflows on November 24, extending months of negative spot flows.
When this pattern holds for weeks, it usually means confidence is weakening and buyers are unwilling to commit during rallies.
Breakdown Risk At $1.9, Resistance Test At $2.19
The base of the triangle near $1.9 remains the key level for investors.
A clean break below this support would confirm a new leg lower toward $1.7 and potentially $1.5.
For buyers to regain momentum, XRP must first reclaim $2.19 and then close above the descending trendline near $2.4.
Until those conditions are met, chart structure continues to favor sellers despite short-term bounces.
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