## XRP Countdown: Canary ETF in 48 Hours and Price Fluctuating Between $2.35 and $2.60

The XRP market is awaiting a pivotal moment. Canary Capital has submitted Form 8-A for its XRP ETF, signaling that the launch could occur within the next 48 hours. As highlighted by Bloomberg analyst Eric Balchunas, the filing of this form typically precedes the start of ETF trading in the markets.

On the technical side, XRP continues trading around $2.40, confined within a narrow range between $2.35 as support and $2.60 as resistance. The price action reflects some caution in the market, despite the regulatory catalyst approaching.

Derivative data reveal an interesting scenario: lower volume and more conservative long positions. Derivative volume decreased by 2.02%, reaching $4.07 billion, while open interest contracted by 28.29% to $7.08 billion. This movement indicates that traders are adopting a wait-and-see stance, preferring not to increase exposures until there is concrete confirmation of the ETF launch.

Market behavior suggests that many participants are assessing the situation before adjusting their positions. The 48-hour countdown could be the inflection point XRP needs to break out of its current consolidation range.