While the XRP ETFs have not triggered the sudden price surge many expected, a market commentator has noted how these funds could build momentum for a full price explosion.
XRP now has four spot ETFs, with two, the Grayscale and Franklin products, launching as recently as Nov. 24 and the first debuting on Nov. 13. Together, these products have attracted a cumulative net inflow of $586 million, surpassing the total inflows of the six Solana ETFs despite entering the market weeks later.
XRP Price Post ETF Launch
However, following the launch of the Canary Capital XRP ETF on Nov. 13 and the Bitwise product a week later, XRP’s price continued to slide with the rest of the market. While the price has staged an impressive recovery this week, up more than 8% over the past 24 hours, some have attributed this rebound to broader market resurgence rather than ETF inflows alone.
These commentaries have led to concerns that the ETF products have not lived up to the expectations among market participants, especially considering the hype leading to their debut. Amid these concerns, community commentator and game designer Chad Steingraber recently highlighted a trend he observed that seems to connect ETF trading to price movements.
According to Steingraber, during ETF trading hours, the XRP price appears to rise slightly. He claimed that when the trading hours for these products begin, XRP’s price increases by mere cents. He suggested that this pattern “makes the performance of the XRP ETFs look phenomenal.”
XRP Price Surges During U.S. Trading Hours
Notably, The Crypto Basic put this claim under scrutiny and found some truth in it. For context, the normal U.S. trading hours run from 9:30 AM to 4 PM (ET), which translates to 2:30 PM to 9:00 PM (UTC) on the current standard time.
Market data shows that XRP dropped from $2.08 to $20.6 from 1:30 PM to 2:30 PM (UTC) yesterday. However, after standard U.S. trading began at 2:30 PM, the price recovered sharply, soaring from $2.07 at 2:30 PM to a peak of $2.285 at 8:30 PM, thirty minutes before U.S. trading was scheduled to end.
This run represented an impressive 10.39% increase within seven hours, taking XRP to a one-week high. Interestingly, after U.S. trading closed, the run met resistance and prices began consolidating. XRP has continued to consolidate since then, holding around the $2.24 level.
Steingraber highlighted this trend, noting that after trading hours, the price tends to go flat or even correct. While this performance aligned perfectly with U.S. trading hours, it may actually be purely coincidental. However, Steingraber doesn’t appear to think so. He suggested that the price goes back up when trading resumes.
According to the market commentator, these mild price surges during trading hours could help build up the momentum toward an explosive price surge from XRP over the next few months. “This builds up momentum and the narrative for a full price explosion in a few months or less,” he said.
In a subsequent disclosure, Steingraber claimed that the XRP ETFs could act as the vehicles for increasing XRP’s value “for global utility and liquidity access.” The market pundit suggested that this could materialize in the coming months.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
