XRP Crashes Despite Ripple CEO’s Confidence on Spot Ripple ETFs

Dalmas Ngetich•Thursday, October 24, 2024•2 min read

XRP is down, looking at the formation in the daily chart. Even though sentiment remains bullish, favoring optimistic buyers, the short-term aligns with sellers. For now, the coin is fast approaching $0.50, a crucial support and round number. Overall, the seventh most valuable coin remains inside a narrow range. However, this will change if bears dominate, forcing prices below the round in line with losses of early October. In the near term, traders will closely monitor how prices react at $0.50, only finding relief if there is a decent bounce towards $0.55.

As of writing, XRP is sliding, shedding nearly 5% in the last week. Despite sellers taking charge, engagement is decent, at just $1 billion, steady over the past day. A break below the $0.05 range will be a severe blow for bulls since it opens up the coin for more losses in the coming sessions.

XRP Daily Chart for October 24

The following XRP and Ripple news events are making headlines:

Brad Garlinghouse, the CEO of Ripple, thinks the approval of spot XRP ETFs, similar to those of Bitcoin and Ethereum, is inevitable. Bitwise–a top digital asset manager–has applied for this product.
In a recent interview, BlackRock executive Samara Cohen said crypto investors are emerging as the new Wall Street. The asset manager has since changed its stance on crypto, even tokenizing United States Treasuries on Ethereum.

XRP Price Analysis

XRP/USD is under immense selling pressure.

After days of sideways movement, the coin broke down early this week.

Yesterday’s confirmation could see XRP drop below the local support at $0.50 if the selling pressure is sustained.

Technically, this means that sellers in early October are back. In that case, prices can easily sell off hard to $0.45 in a bear trend continuation pattern.

However, if the coin finds support, a break above $0.55 will be a massive endorsement for Ripple.

Still, risk-off investors would have to wait for the coin to clear September highs before considering longs.

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