
Jakarta, Pintu News – In the past 24 hours, the price of Ripple has seen a 7% drop, reaching a critical support level of $2.25. This decline has coincided with a general crypto market correction that has led to the liquidation of over $1.3 billion. Now, all eyes are on the Ripple (XRP) ETF approval expected next week, which could possibly push the price of this altcoin back up.
Ripple (XRP) is currently under sustained selling pressure after being rejected at the $2.7 level. Crypto analysts from Alt Crypto Gems warned that Ripple (XRP) might enter a risky zone after experiencing rejection at the level. Current price analysis shows the formation of a lower peak, which could be an indicator of future price weakness.
With volatile market conditions, the chances of Ripple (XRP) retesting the $2 level seem to be growing. Investors and traders should be wary of the potential for further downside, which could happen if the critical support at $2.25 cannot be sustained.
Also read: Ethereum Price Plummets to IDR55.7 Million, Liquidations Reach $1.1 Billion!
Nate Geraci, an ETF expert, predicts that the first spot Ripple (XRP) ETF could launch within the next two weeks. In a post on X on November 3, Geraci stated that this anticipated approval signals a significant change in the sentiment of US regulators towards crypto assets.
Additionally, asset manager Grayscale has reportedly filed a new amendment for its proposed spot Ripple (XRP) ETF. Market watchers suggest that institutional players might capitalize on the recent drop in Ripple (XRP) prices, by accumulating at lower levels ahead of the green light from regulators.
With the potential launch of a Ripple (XRP) ETF and ever-changing market dynamics, the future of the Ripple (XRP) price is still full of uncertainty. Investors and market watchers should continue to monitor developments related to regulation and institutional adoption, which will play a key role in determining the future direction of the Ripple (XRP) price.
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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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