XRP Price Slides 3.9% As Canary XRP ETF Eyes Imminent Launch

The XRP price slumped 3.9% over the past 24 hours to trade at $2.49 as of 3:46 a.m. EST on trading volume that plunged 8% to $5 billion.

This comes as Canary Capital filed an updated S-1 for its sport XRP ETF (exchange-traded fund), removing the “delaying amendment” that allowed the SEC to control the timing of the registration.

The move sets the stage for a potential launch on November 13, pending Nasdaq’s approval of the 8-A filing.

🚨SCOOP: @CanaryFunds has filed an updated S-1 for its $XRP spot ETF, removing the “delaying amendment” that stops a registration from going auto-effective and gives the @SECGov control over timing.

This sets Canary’s $XRP ETF up for a launch date of November 13, assuming the… pic.twitter.com/MKvEN23t5P

— Eleanor Terrett (@EleanorTerrett) October 30, 2025

After the update, the ETF now qualifies to take effect automatically under section 8(a) of the 1933 Securities Act.

The move also comes at a time when the SEC Chair Paul Atkins has shown support for companies using the auto-effective method, which Bitwise and Canary have used to launch their SOL, HBAR, and LTC ETFs.

Atkins praised the use of the 20-day statutory waiting period during the shutdown, which highlights its effectiveness in facilitating public offerings.

With the updated submission, Canary’s XRP ETF can move forward without a formal SEC sign-off, and it appears ready to proceed once the statutory 20-day period has passed. The only potential holdup would be if the SEC issues additional comments or concerns.

XRP Price Movements Signal Potential Bearish Continuation

After a strong rally in July that drove the XRP price toward the $3.30 zone, the momentum shifted as bears regained control, triggering a retracement that developed into a falling channel pattern.

Throughout this phase, bulls have been attempting to defend the $2.40–$2.45 support area, but recent market structure suggests sellers remain dominant.

The ongoing correction has forced the Ripple token price below its 50-day Simple Moving Average (SMA), currently around $2.73, confirming that short-term momentum remains negative. The 200-day SMA, currently around $2.62, is acting as a near-term pivot level, and a break below it could open the door to further downside.

Despite the earlier Golden Cross (when the 50-day SMA crossed above the 200-day SMA), the recent pullback has neutralized that bullish signal, suggesting XRP may need to retest deeper support levels before any recovery attempt.

Furthermore, the Relative Strength Index (RSI) currently sits near 45.3, reflecting reduced buying pressure and a tilt toward bearish sentiment.

Ripple Token Targets Support Near $2.35

Given the current technical setup, the XRP price appears poised to test its horizontal support zone around $2.35, an area that has held multiple times in recent months. 

A decisive close below this level could see the Ripple token slide further toward $2.20, which aligns with the lower boundary of the descending channel.

Conversely, if bulls manage to defend the $2.40 zone and push the price of the Ripple token above $2.73 (the 50-day SMA), XRP could attempt a breakout toward the upper channel boundary near $2.80–$2.85.

A confirmed close above that range would be the first signal of a potential bullish reversal.

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