Key Insights
- •XRP price has continued to stay in the negative territory, falling to as low as $2.08.
- •The Ripple coin has quickly made a recovery and reclaimed the $2.2 support.
- •Analysts highlight the $1.94 level as a major support for XRP price amid the continuing volatility in the market.
XRP price has continued to move in the negative territory, slipping below the brief support at the $2.10 mark in the last 24 hours. This dip comes as the broader crypto market recorded heavy losses, with BTC price falling to as low as $99,000 in the daily chart. Notably, the latest decline has fueled discussions about whether the bull cycle for Ripple coin is over or if more strength remains. Some market watchers expect the volatile scenario to continue over the next few days, predicting further correction in the asset’s price. On the other hand, soaring optimism over a potential launch of the XRP ETF this month has lifted market sentiment. The recently launched Solana ETF has continued to attract institutional interest, while both Bitcoin and Ethereum ETFs recorded significant outflows. However, despite that, it seems that the robust ETF fund flow into Solana has failed to boost its price much. Having said that, investors are evaluating the possibility of how the US Spot Ripple ETF launch would help in the XRP price recovery.
XRP Price Slips as Crypto Market Bleeds
XRP price has recorded a plunge of over 2% today amid a broader crypto market selloff. In the last 24 hours, the crypto slipped from its daily high of $2.32 to as low as $2.08, before witnessing some recovery. During writing, Ripple coin price rested at $2.22, and its trading volume rose 23% to $9.4 billion. It’s worth noting that the crypto fell nearly 16% over the last seven days while witnessing a decline of 26% in the monthly chart. The derivatives data also comes in tandem with the current market sentiment. According to on-chain data from CoinGlass, the XRP Futures Open Interest plunged more than 5% to $3.3 billion at the time of writing. It’s worth noting that the losses could be attributed to the broader crypto market selloff today. Bitcoin price rested near $101.5k during writing, with Ethereum price losing around 6% from yesterday. As The Kobeissi Letter highlighted, the global crypto market cap has lost nearly $1 trillion since October 6. This reflects the high selling pressure the digital assets space has recorded over the past few weeks.
Is Ripple Coin Bull Cycle Coming to an End?
The continuing decline in XRP price has sparked discussions over its ability to continue its upside move. Despite a flurry of positive catalysts, like XRP ETF launch anticipation and others, the Ripple coin price has failed to showcase much reaction. Amid this, analyst EGRAG CRYPTO noted that if XRP price slips below $1.94, it would confirm a cycle breaker for the crypto. In addition, such a move would confirm a lower low and signal that the bullish wave is done for now, he noted. However, if the crypto can hold the $2.07 or $2.17 support, the bullish structure remains intact. Having said that, the recent recovery from $2.08 to $2.22 indicates that the bull cycle is far from over now.
On the other hand, analyst Ali Martinez has previously predicted an XRP price dump to $2. With today’s decline, the analyst noted that the major support for Ripple coin is now at $2.
Considering that, as long as the $2 support remains in play, the crypto could witness a massive recovery. However, the broader market fundamentals are expected to influence the future movements of the coin, apart from the XRP ETF launch.