Spot XRPR ETF gets a lot of new money.

On September 27, the Ripple XRP token was priced at $2. 77, which is lower than its highest value of $3. 65

The drop in XRP’s price was similar to how other cryptocurrencies, like Ethereum and Bitcoin, performed. This drop was linked to increasing worries about the Federal Reserve and a lot of selling in the cryptocurrency market.

On the bright side, there is strong interest in the new spot XRP ETF that just started. Information from ETF. com reveals that the ETF has gained more than $71 million since it started last week.

Most of this money came in on Thursday, when it went up by more than $36 million. The fund now has more than $66 million, which is a lot for an ETF started by a smaller fund manager. The fees for using it are 0. 75%

Other ETFs related to XRP have also received a lot of money this year. For example, the Teucrium 2x XRP ETF (XXRP) has received more money every week since it started, making its total assets reach $383 million.

These numbers show that Wall Street really wants XRP assets. This means that the XRP ETFs from companies like Franklin Templeton and Invesco will attract a lot of money because they have lower fees.

Experts at JPMorgan believe that these funds will bring in more than $8 billion in their first year.

XRP price analysis

The daily chart shows that the XRP token has created many positive patterns. For example, it has created a pattern called a triple bottom at $2. 7212A triple-bottom usually results in a big upward price movement.

The coin has created a falling wedge shape, which is made of two downward sloping lines that come together. This pattern is also a part of the handle part of the cup-and-handle pattern.

Right now, it is in the second part of the Elliot Wave pattern. So, the coin is expected to go up a lot in value, possibly hitting its highest price this year of $3. 660