XRP Crashes below $0.55 Despite Spot ETF Hopes, Ripple Open Interest Approaching $1 Billion

XRP is down at press time. After losses of yesterday, it means the coin is down in the last three days, threatening to break below $0.50. As things stand, sellers can consider riding the trend, unless there is a sharp rebound lifting prices above September highs. For now, bears dominate and have the upper hand, looking at the pace of the sell-off and the accompanying trading volume. This dump, notably, comes amid quality partnerships with Ripple, the blockchain firm promoting XRP via the On-Demand Liquidity (ODL) platform.

Traders are confident, at least looking at price action. However, this is changing and should today close lower, possibly below $0.50, bulls have to re-consider their stand. Following the dump of the past three days, XRP has reversed gains over the past week. At the same time, the average trading volume over the last day is low, at around $3 billion.

The following XRP and Ripple news are worth tracking:

• Brad Garlinghouse, the CEO of Ripple, predicts an upsurge in the number of spot XRP ETF applicants. Recently, Bitwise became the latest firm to apply for such a product.
• There is a general increase in the number of XRP open interest in the past 24 hours. According to Coinglass, the number stands at nearly $1 billion. It comes days after Ripple said RLUSD is still being tested but will soon deploy for institutional use.

XRP Price Analysis

XRP/USD is under pressure.

The break below $0.55 means the trend is changing in favor of sellers.

In a bearish breakout formation, every high towards $0.55 may offer entries for sellers targeting $0.50, $0.45, and $0.40 in the coming days.

Note that the sell-off of the past few days is with rising volume, confirming weakness.

Any uptick above $0.55, reversing recent losses, will be a shot in the arm for bulls.