The XRP price joined the broader crypto market in a steep sell-off this week. It dropped to a low of $2.75, down from the all-time high of nearly $3.2. Still, its strong technicals and the ongoing asset growth in the XRPR ETF will likely lead to a strong rebound soon. REX-Osprey XRPR ETF is thriving One catalyst for the XRP price is that the recently launched REX-Osprey XRPR ETF is thriving. It has had inflows in the last five days, even as the crypto market crashed . According to its website, it has gained over $70 million in assets since it launch last week. Data on ETF.com shows that the XRPR ETF has had inflows in each day since its launch last week. The ongoing ETF inflows is important because it is happening in the same week that the XRP price has moved into a bear market after plunging by over 25% from its highest level this year. It is common for cryptocurrency ETFs to have outflows when they are plunging. The inflows are also notable because XRPR is not a cheap ETF as it has an expense ratio of 0.75%, much higher than other cryptocurrency funds. For example, the Grayscale Mini Bitcoin ETF (BTC) has an expense ratio of 0.15%, while the iShares Bitcoin Trust (IBIT) has a 0.25% ratio. The popular Vanguard S&P 500 ETF (VOO) has a ratio of 0.03%. A 0.75% ratio is a big one because it means that a $100,000 investment costs about $750 a year for an asset that one can invest in directly and avoid the fee. As such, it means that Wall Street is ready for more XRP ETFs. XRP ETF approval is coming up The ongoing inflows into the XRPR ETF is a sign that the more mainstream XRP ETFs will be popular among investors. For one, these funds are being issued by companies that are more mainstream than REX-Osprey. They include popular firms like Franklin Templeton, Bitwise, and Invesco. The funds will also be much cheaper than the XRPR ETF. Like Bitcoin and Ethereum ETFs, the expense ratios are likely to range between 0.15% and 0.25%. Most importantly, these funds will be based on the more common 33’ Act that has been used on other mainstream ETFs. XRPR fund is based on the Investment Company Act of 1940. XRP price technical analysis XRP chart | Source: TradingView The daily timeframe chart shows that the XRP price has moved into a bear market. It has plunged by over 25% from its highest point this year. Ripple’s Relative Strength Index (RSI) has formed a descending channel and has moved below the neutral point at 50. On the positive side, the coin wants to form a break-and-retest pattern by moving to the upper side of the falling wedge. This pattern is one of the most popular continuation signs. The XRP price has formed a cup-and-handle pattern and is now in the handle section. It has also formed a bullish pennant pattern. Therefore, the coin will likely have a strong bullish breakout a bulls target the year-to-date high of $3.6655, up by about 35% from the current level. The post XRP price prediction as XRPR ETF assets near $100 million appeared first on Invezz
