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This past week, the XRP price had a chance for a major breakout. On Tuesday, the price reached $0.53 before dropping almost 6% on Oct. 31.
A moderate rebound on Friday did not help the bulls much. At press time, the XRP price is still in decline mode, trading at $0.51. <img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeSLdOmue7lyWGgmIXnc8Yh70o2D4Gd-irw1AxaZt79nkDNlADCeaSQi38rskjZcdYQARXNfLfaqxmMGLHt48M-6SAubQChLA7do86kxYfu1q4ZndrSXRsk9NlNvYR1K0-3appeuWXQelh2cPX653atgTSX?key=sBeNsYyx-jaKOHVbej_I7RJI" width="624" height="416" data-caption="Source: CoinMarketCap">
<h2 id="21shares-files-for-xrp-etf">21Shares files for XRP ETF</h2>
On Friday, XRP saw a rebound as 21Shares, a major ETF issuer, filed with the U.S. SEC to launch an XRP exchange-traded fund (ETF).
If approved, the "21Shares Core XRP Trust" would be listed on the Cboe BZX Exchange, offering investors a potentially more cost-effective way to gain exposure to XRP without directly buying the token.
In its filing, 21Shares emphasized that XRP is not classified as a security.
According to 21Shares, the ETF product is supposed to provide shareholders with a more "cost-efficient way" for investors to get exposure to XRP compared to purchasing and holding the XRP-affiliated token directly. Notably, the filing has stressed that XRP is not a security.
As<a href="https://u.today/secs-recent-filing-is-good-news-for-xrp-holders" rel="noopener noreferrer nofollow">reported</a> by U.Today, the SEC recently confirmed that it was not going to challenge the legal status of the controversial token during the ongoing appeal process in the Ripple case.
<h2 id="xrp-price-prediction">XRP price prediction</h2>
XRP is currently hovering around a crucial support level at $0.51, which has the potential to either stabilize or accelerate its decline.
Recent trading data<a href="https://u.today/xrp-on-verge-of-reaching-dangerous-support-level" rel="noopener noreferrer nofollow">suggests</a> that this support level is critical in maintaining XRP's price trajectory, especially as it has been one of the top 10 worst-performing crypto assets over the past months.
The candlestick pattern emerging at this level hints at a possible reversal, often viewed as a bullish sign.
If buying volume increases, this pattern could signal that XRP may experience upward movement after a challenging period. However, the market sentiment remains largely bearish, and with selling pressure still prevailing, there is a risk of the support level failing.
In the coming days, a<a href="https://u.today/xrp-on-verge-of-reaching-dangerous-support-level" rel="noopener noreferrer nofollow">shift</a> in trading volume toward buyers would be essential to counteract the prevailing downward momentum. Should this shift occur, XRP could gain the support needed for recovery; if not, the asset might face further declines. <a href="https://u.today/why-does-xrp-price-fail-to-rally" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Why Does XRP Price Fail to Rally?

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