XRP Fund Plunges 67% from All-Time High, Will it Revive with $1 Billion Nasdaq Listing Boost?

▲ XRP ETF/ChatGPT generated image ©

While spot Exchange Traded Funds (ETFs) related to XRP (Ripple) have plunged by up to 67% from their all-time highs, reflecting deep market pessimism, a sense of tension before a major rebound is palpable, as a massive $1 billion Nasdaq listing boost and 10 weeks of accumulated energy align.

According to investment specialized media TradingNews on April 10 (local time), XRP is currently trading at $1.34, trapped below key resistance levels: the 50-day exponential moving average (EMA) at $1.42, the 100-day EMA at $1.57, and the 200-day EMA at $1.83. The price has been in a boring sideways trend within a narrow range of $1.30 and $1.40 for a full 10 weeks since February, indicating a suppressed spring that could soon erupt strongly in one direction.

The performance of the spot fund market presents a paradoxical situation where devastating declines coexist with robust capital. The Bitwise XRP Spot ETF listed on Nasdaq has plummeted 67.4% from its 52-week high of $23.53 to $7.69, and the Rex-Osprey XRP Spot ETF also remains at $11.17, down 57% from its peak. The Canary Capital XRP Spot ETF is also trading around $14.50. Nevertheless, the cumulative inflows into these funds amount to $1.21 billion, and the average net assets under management are $955 million, confirming that institutional investors' long-term allocation commitment remains strong.

On-chain active addresses, a network indicator, halved from 32,000 to 16,000 in just a few days, signaling the departure of short-term speculative forces. Furthermore, the Fear & Greed Index plummeted to 16, an extreme fear level, but historically, this range has served as a key accumulation opportunity for institutions when selling pressure is exhausted. In particular, its eco-friendly characteristic of using a low-power consensus mechanism rather than a proof-of-work method makes it highly preferred by institutional capital that values environmental, social, and governance (ESG) factors, which is also a long-term positive factor.

The current breakthrough most eyed by the market is Evernode's push for a $1 billion Nasdaq listing. Unlike existing funds that passively track prices, Evernode adopts an active treasury model that directly injects the massive capital raised into the on-chain ecosystem to generate profits. This is considered a game-changing key catalyst that can fundamentally boost XRP demand by explosively increasing actual network transaction volume.

Experts have diagnosed XRP and related funds as being in a hold state, requiring cautious observation. A decisive breakthrough of the $1.40 resistance level based on future daily closing prices and a recovery of active addresses to over 25,000 would trigger a full-fledged buy signal, signaling a major bull market. However, if the defensive line at $1.31 breaks, there's a risk of the spring bouncing down to $1.28, requiring careful attention.

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