
The fourth-largest cryptocurrency has witnessed bearish on-chain metrics since XRP has slipped to a 3-month low after dropping below the psychological price of $2. For instance, according to Coinglass data, XRP’s open interest has declined by 3.78%, signaling that the altcoin’s market activity is decreasing as traders exit their positions. As a result, renowned market analyst, Ali Martinez, believes that XRP’s situation might be like getting out of the frying pan and into the fire after falling below a head-and-shoulders pattern. Martinez pointed out , “XRP is breaking out of a head-and-shoulders pattern, setting the stage for a potential move to $1.30.” Source: Ali Martinez This analysis shows that XRP risks dropping to the $1.30 zone since a head-and-shoulders pattern depicts a trend reversal. According to CoinGecko data, XRP was down by 13.4% in the past week to hit $2.13 at the time of writing. Will an XRP ETF Save the Situation? With asset management firm Teucrium already setting the XRP exchange-traded fund (ETF) ball rolling, Bloomberg senior analyst Eric Balchunas believes this is a welcome move despite the witnessed bear market. Trading under the name XXRP, Teucrium’s XRP ETF has already generated over $5.43 million in turnover. Balchunas stated , “XXRP (2x XRP ETF) saw $5 million in volume on Day One, very respectable, especially considering the mkt conditions. That puts it in approx top 5% of new ETF launches, and about 4x what the 2x Solana ETF $SOLT did (altho both 200x less than King IBIT).” Source: Eric Balchunas ETFs are usually deemed game-changers since they trigger heightened institutional interest in an asset, and the same is expected for XRP. Meanwhile, XRP is eyeing a mega utility explosion , thanks to Ripple’s acquisition of prime brokerage firm Hidden Road for a whopping $1.25 billion. This deal is expected to expand Ripple’s cross-border payment sphere, with XRP expected to take center stage.
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
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