XRP Faces Potential 17% Drop as Market Fear Grows
XRP Price Drop and Market Volatility
- XRP dropped over 13% in 24 hours, trading at approximately $2.15.
- Liquidations of $56 million occurred in the leverage market, with most long trades liquidated on Bybit, Binance, and OKX.
- Whales transferred around 52 million XRP (worth over $128 million) to Bybit within 24 hours.
Market Sentiment and Technical Analysis
- XRP is likely to follow Bitcoin's short-term bearish trend.
- Technical analysis indicates a drop below the $2.26 support level, targeting a potential retest above $1.65.
Institutional Interest and Regulatory Developments
- Increased demand from institutional investors has supported XRP's rise.
- Multiple firms have filed for spot XRP ETFs, including 21Shares and WisdomTree, with filings acknowledged by the US SEC.
- The changing regulatory landscape may impact the ongoing Ripple case and affect ETF approvals.
- Ripple Labs continues to develop the XRPL and form partnerships for mainstream adoption.