On February 6th, the XRP price recorded a 2.2% loss to reach its current trading price of $2.32. The selling pressure can be attributed to broader market influence and a post-rally correction phase to replenish the bullish momentum. However, the recent filing of 19b-4 forms by the CBOE for four XRP ETFs could introduce a bullish catalyst in the market.
Key Highlights:
- On January 6th, CBOE submitted 19b-4 forms on behalf of Bitwise Invest, 21Shares, WisdomTree, and Canary Funds for the listing and trading of XRP ETFs.
- The Ripple crypto sustaining above the 200-day exponential moving average indicates the broader market is bullish.
- The Fibonacci retracement tool indicates $2.3 and $1.7 as key pullback support as they coincide with 38.2% and 50% FIB levels.
XRP ETF Approval Process Advances as CBOE Submits 19b-4 Forms
The Chicago Board Options Exchange (CBOE) has officially submitted 19b-4 forms on behalf of Bitwise Invest, 21Shars, Wisdomtree, and Canary Funds for the listing and trading of XRP Exchange-Traded Funds (ETFs).
The 19b-4 forms are the second step in the ETF approval process after issuers file their S-1s. While the 19b-4 filling does not guarantee approval, recent SEC action suggests a direct result of leadership change.
Once the SEC acknowledges receipt, a 240-day review period begins, during which the agency will decide to approve or deny the applications.
If approved, the XRP ETFs would provide institutional and retail investors with regulation exposure to this ripple cryptocurrency, potentially boosting price stability and increasing mainstream adoption.
Key Fibonacci Supports to Watch In XRP Price Correction
In the last three weeks, the XRP price has witnessed a sharp pullback from $3.4 to $2.3, according to a loss of 31%. This correction, backed by a notable surge in trading volume, indicates the sellers’ conviction to hold lower prices.
The coin price currently seeks support at $2.3 and seeks support at a 38.2% Fibonacci retracement level at $2.28. In case of potential breakdown, the next significant support stands at $1.8, coinciding with 50% FIB.
The aforementioned levels could allow buyers to replenish the exhausted bullish momentum for the next recovery leap.
Also Read: SEC Urges Public Feedback on Grayscale’s Litecoin ETF Proposal
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