- XRP is trading at $2.46 with a 2.88% increase, with $8.04 billion in trading volume.
- The spot XRP ETF, to be listed on Nasdaq, is set to launch tomorrow.
- Analysts warn of a potential 70% correction, targeting $0.60 due to historical bear divergences.
Currently, XRP is trading at $2.46, an indication of a 2.88% increase in the last 24 hours, accompanied by a 24-hour trading volume of $8,04 billion. The market capitalization is at $148.29 billion, which reflects a market dominance of 4.30%. After briefly losing the $2.6 level, token has held above $2.2, attracting attention from investors anticipating the next upward move.
XRP Eyes Recovery Above $2.2 Amid ETF Buzz
As per a recent update by Crypto TXG, XRP is maintaining support above $2.2 after dropping from the $2.6 level. A strong reclaim by bulls could trigger momentum for a rise to $3, as per recent market analysis.
The post emphasizes that an established breakout may easily trigger a shift in market sentiment quickly. Traders remain vigilant as ETF-related news continues to heat up, potentially influencing token’s short-term trajectory and broader investor confidence.
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Nasdaq Officially Lists Spot XRP ETF
As Coin Bureau highlighted that Nasdaq has released the listing notice for the much-anticipated spot XRP ETF offering. The announcement confirms that the ETF’s launch, set for tomorrow, is officially ON, marking a major milestone for XRP investors and the broader crypto market.
The launch is expected to increase liquidity, interest from bigger institutional investors, as well as a regulated platform for individuals to get exposure to XRP. Traders and analysts have been following market movements, expecting this to greatly affect token’s market movement as far as pricing is concerned.
XRP’s Meteoric 2024 Rally Sparks Caution
XRP’s meteoric 2024 rally, surging nearly 1000% to $3.30, has some analysts warning of a possible steep decline. The concept of a sharp correction of 70% could result in a fall to $0.60, which began to circulate when XRP was trading at approximately $2.90.
Investor sentiment is unabashedly optimistic, encouraged by stories such as “Swift may very well be replaced by Ripple” as well as reports of large inflows from institutions such as BlackRock, for example. However, it is observed that in past instances of market peaks, an exceptionally optimistic sentiment has been observed, which is otherwise known as “liquid euphoria.”
Current weekly charts show XRP weakening below the 50-week Simple Moving Average (SMA). Historically, this is known to precede large drops in value for this cryptocurrency. The bearish divergence emerged in July, similar to what occurred in March of 2020, failing to sustain after the breakout, suggesting a potential correction to $0.70.
Levels of support and resistance at around $0.70 appear to be unreliable, which is an indication of a lack of support at this level. Based on past correction cycles, token may fall back to the level at which it broke out, having experienced a pullback of 70% from past highs.
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