- XRP experiences a sharp pullback, but analysts see it as a short-term shakeout rather than a long-term reversal.
- Canary XRP Trust’s SEC filing sparks renewed optimism about institutional interest and potential market recovery.
- Historical October trends favor XRP, with eight bullish Octobers out of the past thirteen signaling possible rebound momentum.
XRP has seen a sharp pullback, but market analysts are optimistic about a possible reversal. The recent SEC filing for the Canary XRP Trust has drawn attention, indicating renewed institutional demand. Despite the depreciation, analysts are of the view that the correction was a temporary shakeout, rather than a long-term reversal.
At press time, XRP is trading at $2.46, showing a 12.42% drop over the past 24 hours. XRP holds a market cap of $148.25 billion and a 24-hour trading volume of $31.87 billion, marking one of the most active days in recent weeks.
Canary XRP Trust Files SEC Application
Popular crypto analyst, STEPH IS CRYPTO, reported that Canary $XRP Trust has finally filed its S-1/A to the United States Securities and Exchange Commission (SEC), an announcement that has generated renewed debate over institutional demand and prospective market positioning for XRP.
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XRP October History Signals Possible Rebound
Meanwhile, another analyst, EGREG CRYPTO, pointed to a remarkable trend related to XRP’s past October’s performance. With his observation, among the previous 13 Octobers, there have been eight strong bull markets and four incredibly bearish. He indicated that the rally it witnessed in October of 2017 resulted in XRP’s biggest ever price boost, which stoked speculation about whether or not history may rhyme this year.
EGREG CRYPTO also added, “It’s the 13th of October, and my number’s luckiest number is 13! Perhaps we will see a jump-up soon, not everybody’s able to cope with the fall we just witnessed.” He thinks that the recent fall was primarily a shakeout to liquidate longs, and not a breakdown based on fundamentals.
Despite the drop, he optimistically said, “Let’s wait for a while for the dust to fall. If you bought around $2.65, $2.55, and $2.40, those prices were my own retest targets. Now we are at $2.45; this is totally normal.”
Overall, although XRP has been under severe pressure in the short term, many in the market perceive this period as a short correction as opposed to a reversal of trends. Against the backdrop of the SEC filing sending hype and October’s historical prowess, XRP’s next days may be defining for its route to recovery.
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