XRP Price Drops 7%, Whales Sell 900,000 Coins Amid Market Correction
XRP has experienced a 7% decline in the past 24 hours, reaching a significant support level at $2.25 amid a broader market correction with over $1.3 billion in liquidations. Investors are watching for potential XRP ETF approvals next week to provide upward momentum.
XRP Price Dynamics
- XRP faces selling pressure and rejection at $2.7, risking further decline.
- Analyst Alt Crypto Gems highlights a lower high formation, indicating potential weakness.
- If bulls do not reclaim $2.7 resistance, XRP could test the $2.0 support zone.
- Ripple whales have sold nearly 900,000 XRP coins in the last five days, intensifying selling pressure.
Potential Impact of XRP ETF Launches
- ETF expert Nate Geraci predicts the debut of a spot XRP ETF within two weeks, signaling a shift in US regulatory sentiment.
- Grayscale has submitted a new amendment for its proposed spot XRP ETF.
- The recent US government shutdown delayed SEC decisions on multiple XRP ETF filings.
- Institutional investors might be accumulating XRP at lower levels ahead of regulatory approvals.
Overall, the outcome of upcoming ETF approvals and market dynamics will determine XRP's price trajectory amidst current market corrections.