$XRP Sees New Gains as Nasdaq Listing and ETF Demand Build Pressure

$XRP has been steadily gaining value over the past week, rising by 8.7% to trade near $1.42 on August 28th. The token's price pullback from an intraday high of $1.47 is now being closely watched by traders.

The growth of demand for XRP due to its listing on Nasdaq through Evernorth Holdings, backed by Ripple and other major investors, has been a significant catalyst. Additionally, continued inflows into US spot exchange-traded funds (ETFs) have also contributed to the increase in demand.

$XRP's daily structure remains constructive, with price trading above its 50-day SMA at $1.1334, 100-day SMA at $1.1546, and 200-day SMA at $1.2766. However, holding above these levels is crucial for maintaining the recent breakout intact.

Buyers need to reclaim the $1.45-$1.47 area before another attempt at $1.47 can be made. If successful, this could open up a move towards $1.50-$1.52, followed by $1.55 if buying volume strengthens.