Key Points
- XRP has suffered a 7% loss in the last 24 hours, dropping to a crucial support level of $2.25.
- Expectations are high for XRP ETF approvals next week to drive the altcoin higher.
XRP has recorded an additional 7% loss in the last 24 hours, falling to a significant support level of $2.25. This drop in XRP price occurred during a broader crypto market correction, which resulted in over $1.3 billion in liquidations.
There are high hopes for XRP ETF approvals in the coming week to push the altcoin’s value higher.
Potential for XRP Price to Reach $2 Again
The continuous selling pressure and rejection at $2.7 have put XRP on the brink of a further breakdown. Crypto analyst Alt Crypto Gems has warned that XRP may be entering a risky zone after facing rejection at the $2.7 level.
The analyst observed that the current price action appears to confirm a lower high formation, indicating potential weakness ahead.
He warned that if bulls fail to reclaim the $2.7 resistance level soon, the XRP price could be at risk of revisiting its lower support zone at $2.0.
In contrast, Ripple whales have been selling in large quantities over the past week, adding to the further selling pressure. Crypto analyst Ali Martinez noted that XRP whales have offloaded nearly 900,000 coins in the past 5 days.
It will be fascinating to see if XRP can recover amidst the ongoing crypto market correction. Additionally, key developments surrounding the XRP ETF have failed to stimulate XRP price momentum on the upside.
Could XRP ETF Launches Be the Solution?
ETF expert Nate Geraci has predicted that the first spot XRP exchange-traded fund (ETF) could debut within the next two weeks. In a post on Nov. 3, Geraci stated that the anticipated approvals signal a significant shift in US regulatory sentiment towards crypto assets.
Furthermore, asset manager Grayscale has reportedly submitted a new amendment for its proposed spot XRP exchange-traded fund (ETF). Market observers suggest that institutional players could be capitalizing on the recent XRP price dip, potentially accumulating at lower levels ahead of a regulatory greenlight.
The recent US government shutdown reportedly delayed the Securities and Exchange Commission (SEC) from meeting final deadlines on multiple XRP ETF filings. Grayscale’s application was first in line for approval on Oct. 17, followed by submissions from 21Shares, Bitwise, Canary Capital, CoinShares, and WisdomTree.
