Why XRP traders are watching $1.47 as Evernorth and ETF demand build pressure

XRP has gained 1.1% over the past 24 hours to trade near $1.42 on Aug. 28, as progress towards Evernorth’s planned Nasdaq listing and continued spot ETF inflows have supported demand.CoinGecko data shows XRP has also risen 8.7% over the past seven days, although the token has pulled back from an intraday high near $1.47.The latest move leaves $1.45-$1.47 as the first area buyers need to reclaim after XRP recovered from its Aug. 27 low.The main XRP-specific catalyst came from Evernorth Holdings after the US Securities and Exchange Commission declared the Form S-4 registration statement tied to its proposed merger with Armada Acquisition Corp. II.The development allows the transaction to move towards a shareholder vote scheduled for Sept. 30.If shareholders approve the deal and the remaining closing conditions are met, the combined company is expected to list on Nasdaq under the ticker XRPN.Evernorth is backed by Ripple, SBI Group, Pantera Capital, Kraken, GSR and Arrington Capital.The company plans to operate as an actively managed XRP treasury, holding the token while deploying capital across the XRP ecosystem.Its strategy includes XRP-based infrastructure, yield opportunities, ecosystem participation and capital markets activities, adding another potential source of institutional exposure to the token.Demand from US spot XRP exchange-traded funds has provided additional support.SoSoValue data showed the products recorded another session of net inflows on Aug. 27, extending a multi-week period without a daily net outflow.ETF demand has continued while XRP works through the correction that followed last week’s rally.CoinGecko data shows the token briefly approached $1.67 on Aug. 22 before falling towards $1.37 on Aug. 27, where buyers stepped in and pushed the price back above $1.40.The pullback also followed profit-taking and the unwinding of leveraged positions after XRP had gained more than 40% at the peak of its recent rally.With some of that leverage cleared, the token has started rebuilding from the $1.40 area instead of immediately returning to last week’s high.At the same time, Bitcoin’s recovery above $80,000 after briefly falling below $79,000 has helped sentiment across major cryptocurrencies recover.XRP has participated in that move after being among the large-cap tokens hit during the previous market decline.XRP price actionXRP’s daily structure remains constructive despite the pullback from last week’s high.At around $1.42, the token is trading above its 50-day SMA at $1.1334, 100-day SMA at $1.1546 and 200-day SMA at $1.2766, after the recent rally carried price through all three moving averages.COINBASE:XRPUSDT 1-day price chart. Source: TradingView." class="wp-image-883435"/> 1-day price chart. Source: TradingView.XRP also remains above the 200-day SMA at $1.2766, after spending much of the preceding months below the long-term average.Holding above this level would keep the recent breakout intact, while the 50-day and 100-day SMAs around $1.13-$1.15 provide lower support if the correction extends.The Chaikin Money Flow stands at 0.12, keeping the indicator above the zero line despite XRP pulling back from its recent high.CMF has eased from the level reached during the initial breakout, but its positive reading shows buying pressure has continued while XRP consolidates around $1.40.XRP is still struggling to regain the session VWAP on the 4-hour chart, with price near $1.42 compared with the VWAP at $1.4393. See below.COINBASE:XRPUSDT 4-hour price chart. Source: TradingView." class="wp-image-883434"/> 4-hour price chart. Source: TradingView.The surrounding bands at $1.4321 and $1.4464 make $1.43-$1.45 the immediate area to clear before another attempt at $1.47.The cluster places $1.43-$1.45 directly in the path of another recovery attempt and helps explain why the latest push towards $1.47 failed to hold.Buying volume, however, has not fully followed the recovery. On-Balance Volume has eased to around 6.83 billion from the peak reached when XRP pushed above $1.50, although it remains well above its levels before the Aug. 20 rally.A turn higher in OBV alongside a move above the VWAP zone would give the next attempt at $1.47 more support.A renewed rise in OBV alongside a move above the VWAP zone would provide stronger confirmation that buyers are returning.For the bullish case, XRP first needs to reclaim $1.45-$1.47, an area that has capped multiple attempts during the latest rebound.Holding above that zone could open a move towards $1.50-$1.52, followed by $1.55 if buying volume strengthens.The Aug. 22 spike around $1.67-$1.70 would remain the main resistance above those levels.On the downside, $1.40 remains the first level to watch after buyers defended the area during the latest correction.A clean break below it could expose the $1.37-$1.38 reaction low from Aug. 27, while the 200-day SMA near $1.28 provides the next major support lower on the daily timeframe.