xrpusd

XRP's Recent Price Performance: XRP's price has declined by nearly 20% in the last 45 days. It is currently in a descending triangle pattern, a technical formation that often indicates a continuation of a downtrend. The key support level to watch is near $2.70.Leverage and Liquidation Risks Reduced: Onchain and futures data suggest that market risks have decreased. The open interest in XRP futures has fallen from $11 billion to $7.5 billion, and the estimated leverage ratio has reset to its yearly average. This indicates that traders are no longer "overextended," which lowers the risk of cascading liquidations that can cause sharp price drops.Early Signs of Accumulation and Potential Reversal: Onchain indicators show that net taker volume is nearing neutral, and spot cumulative volume delta (CVD) is increasing, suggesting that holders may be in an accumulation phase. Futures data also supports this, with declining aggregated futures CVD and normalized funding rates.Technical Indicators Point to a Potential Bottom and Rebound:Fair Value Gap (FVG): A key area to watch is the daily/weekly fair value gap between $2.35 and $2.65. The market may retrace into this zone before finding a bottom.Fibonacci Retracement: The 0.5 to 0.618 Fibonacci retracement levels align with the fair value gap, reinforcing the $2.35 to $2.65 zone as a strong potential area for price stabilization and a rebound.Fractal Pattern: XRP's current market structure resembles a Q1 fractal pattern that previously led to a significant breakout. If this pattern repeats, XRP could see a rebound of 60% to 85% in Q4.Bullish Price Target: Crypto trader Javon Marks believes that as long as XRP holds the key support level of $2.47, its price could be "prepping for another +66% upside," with a target of $4.80.
#XRPUSD #XRPUSDT

XRP's trading volume has fallen by 66% over the last 24 hours, dropping to $2 billion and raising some concerns in the market. However, this may not be a major cause for alarm, as a decrease in trading activity is often expected on weekends.
Despite the volume drop, significant whale activity was observed throughout the week. For example, Whale Alert recently reported a transfer of nearly 50 million XRP between unknown wallets. Additionally, a massive transfer of 250 million XRP, valued at over $700 million, was moved from Ripple to an unknown wallet. The continued participation of these large-scale investors suggests that the drop in volume may not be a sign of a market exit.

Price Outlook and Institutional Interest

The recent dip in trading volume could simply be due to traders waiting for more clarity at the beginning of the new week before making their next move. This is supported by XRP's price, which is still up over 3% in the last 24 hours, trading at around $2.89. The token recently recovered from a low of $2.69 and surged to $2.92 in the early hours of Sunday.
Technical analysis suggests a positive trajectory if XRP can break and close above its daily SMA 50 at $3.04, which could clear the path for a rise to $3.40 and possibly $3.66. Conversely, a drop below $2.69 could see the price fall toward $2.20.
Adding to the positive sentiment, Bitwise has listed new crypto ETPs (Exchange Traded Products) on the Six Swiss Exchange, including the Bitwise Physical XRP ETP (GXRP). This ETP allows investors to get exposure to XRP in a similar way they would with a traditional ETF, which could attract more institutional investment and further legitimize XRP in the broader financial market.#XRPUSD