After an impressive rally that saw its price soar by
nearly 400%, XRP is now facing a market correction. The crypto asset price has dipped to less than $2.20, but
new developments, including potential XRP spot ETFs, hint at promising
opportunities for investors looking beyond the volatility.
Cooling Phase
From the daily price chart, XRP has dropped from a
high of $2.45 to trade at $2.16 at the time of publication. This represents an 11% price correction. XRP could face sharper declines if it falls to around
$1.6 support.
Ripple’s ongoing legal battle with the SEC could soon
reach a turning point. A series of court rulings, including a $125 million
penalty instead of the $2 billion fine sought by the SEC, have tilted the
scales in Ripple’s favor.
If Gensler and the SEC were rational, they would have moved on from this case long ago. It certainly hasn’t protected investors and instead has damaged the credibility and reputation of the SEC.Somehow, they still haven’t gotten the message: they lost on everything that… https://t.co/1hW7xVSL9b
— Brad Garlinghouse (@bgarlinghouse) October 2, 2024
Former CFTC Chair Chris Giancarlo recently expressed
optimism, predicting the lawsuit could be dropped under the incoming Trump administration, which may take a more crypto-friendly approach.
Long-Term Outlook
Besides these legal and market dynamics, Ripple’s XRP is
at the forefront of ETF speculation. WisdomTree, Bitwise, and Canary Capital
have filed proposals for XRP spot ETFs, which could further legitimize the
asset alongside Bitcoin and Ethereum. With the Bank of New York Mellon poised to manage the
trust, industry watchers speculate that an ETF approval could catalyze a new
price surge.
For investors, XRP’s current correction may present
attractive entry points if key support levels hold. A breakout above $2.1 would
signal recovery, but the coming days remain critical. Market trends and
regulatory decisions will likely determine whether XRP stabilizes or succumbs
to further declines.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
