- Canary Capital filed an S-1 registration for a spot Axelar (AXL) ETF with the SEC.
- Axelar announced partnership with Ripple to enhance XRPL’s interoperability in February.
- AXL token shot up 14% post the ETF filing while XRP was up 1.31% in 24 hours.
Back in late February, blockchain interoperability protocol Axelar (AXL) announced a partnership with American fintech firm Ripple to improve the interoperability of the XRP Ledger (XRPL), creating seamless connectivity with numerous blockchain networks.
Axelar’s integration will further amplify XRPL’s use cases, unlocking cross-chain applications and potentially boosting XRP adoption among developers and enterprises.
The collaboration places XRPL in a broader multi-chain environment, which could attract liquidity and stimulate demand for XRP as it becomes more functional beyond its traditional remittance use case.
Axelar ETF Application Filed
Notably, adding to the upbeat sentiment around Axelar, Canary Capital filed an S-1 registration with the United States Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking the Axelar (AXL) token.
The ETF would offer exposure to AXL’s cross-chain capabilities across key ecosystems, including XRPL, Hedera, Stellar, Solana, and Bitcoin. The news has already sparked a 14% surge in AXL’s price, according to CoinMarketCap data.
Adding to the momentum, Brian Brooks, former US Comptroller of the Currency, has joined the Axelar Foundation as an advisor.
His involvement suggests that institutional players are increasingly recognizing the value of cross-chain infrastructure, potentially extending to broader market sentiment regarding XRP.
XRP Price Holds Steady
At the time of writing, XRP trades at $$2.51, up 1.31% in the past 24 hours. The daily chart provided by TradingView below shows that the Relative Strength Index (RSI) sits at 50.25, hovering around the neutral zone.
Related: XRP Will Head For $13 Soon If The Altcoin Meets Certain Conditions — Analyst
This implies that XRP is neither overbought nor oversold, leaving room for both upward and downward movement. The gradient of the line points to measured movement in the near term.
Technical Indicators Show Bullish Momentum
The MACD (Moving Average Convergence Divergence) shows that the MACD line (blue) is above the signal line (orange) with the histogram showing bullish momentum with green bars. The 20-day Exponential Moving Average (EMA) has been reclaimed and investors might see XRP retest this level at $2.48.
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