XRP trades between $1.46 and $1.51 as short positions rise, Nasdaq listing delayed

XRP maintained steady movement around $1.50 this week, with trading confined to a tight range of $1.46 to $1.51. The cryptocurrency saw a moderate decline of 1% to 2% over the last 24 hours, depending on the point of observation across exchanges.

Market Sentiment and Derivatives Data

CoinGlass, a widely used cryptocurrency derivatives data platform, reported that XRP’s current long-to-short ratio sits at 0.85. This data indicates that short positions are predominating over long exposure among traders in XRP derivatives markets.

Despite this tilt towards short positions, funding rates have remained marginally positive at 0.0097%. Traders with long positions continue to pay a minor fee to those holding short positions, suggesting there is no significant bullish pressure building in the market.

Exchange-traded fund (ETF) activity continues to influence the XRP market. Cumulative inflows into XRP ETFs reached $1.8 billion, with September alone drawing $121.4 million.

Ripple, the company behind XRP, unlocked 1 billion XRP tokens from escrow on October 1 as part of its routine monthly distribution. However, these tokens are not always released to circulation immediately.

Technical Analysis and Trading Levels

Key support for XRP is found between $1.46 and $1.48, while immediate resistance lies in the $1.54 to $1.56 range. A previous high near $1.65 remains another level closely watched by market participants.

Currently, XRP is positioned above its 50-day, 100-day, and 200-day exponential moving averages, all of which cluster between $1.33 and $1.40. The Relative Strength Index stands at 56, suggesting neutral to slightly positive momentum.

The analyst account “XRP Update” noted notable ETF trading volumes topping $30 million, pointing to increased institutional engagement, particularly through funds like Bitwise and Franklin Templeton. According to this analysis, growing activity in exchange-traded products reflects a wider trend of institutional participation in XRP.

XRP Update observed surging ETF trading volume, exceeding $30 million, with Bitwise and Franklin Templeton driving much of the action, illustrating rising institutional involvement in XRP markets.

This account also suggested a speculative long-term price target of $50 for XRP, backed by monthly chart structures. Such a move would imply a market capitalization of approximately $3 trillion, though these projections remain highly theoretical.

Evernorth and Armada’s Nasdaq Debut Stalls

Plans for Evernorth, a fintech firm, and Armada Acquisition Corp. II to merge and list on Nasdaq under the ticker “XRPN” have been delayed. Previously scheduled for October 8, the timeline has now shifted, with neither company offering a new listing date.

Evernorth, upon completion of the business combination, is set to oversee 473 million XRP tokens and hold roughly $300 million in cash. At current prices, these XRP holdings would be valued around $714 million.

Armada shares experienced a sharp rally, climbing approximately 273% in the week before the delay announcement.

The postponement results from outstanding procedural and regulatory requirements, with the business combination remaining subject to customary closing and listing conditions.

Seasoned trader Peter Brandt has identified the $1.70 level as a potential breakout point for XRP, referencing a cup-and-handle pattern visible on technical charts. However, Brandt emphasized this setup conveys a possibility, not a guarantee.

Latest pivot analysis places the central pivot point for XRP near $1.485, supported by immediate lower levels around $1.454.

Mini dictionary: Evernorth is a fintech company involved in digital asset and payment solutions. Armada Acquisition Corp. II is a special purpose acquisition company (SPAC) that merges with other businesses to facilitate public listings.