Ripple Labs’ virtual currency, XRP, cannot escape the red tide that is hitting the virtual currency market.
At the time of publication of this note, XRP is trading at around $2As seen in the chart below, it is 45% below its all-time high (ATH) of $3.65.
The image also shows three purple areas that indicate areas of support for the Ripple cryptocurrency.
The first level is the current level, between $2 and $2.10. This is an important level as technical analysis has identified this as a key point that will determine whether the XRP price returns to an uptrend. Otherwise, you will receive a deeper correction.
It should be indicated here that price analysis does not use specific values, but rather the approximate range within which financial assets typically fluctuate.
Looking ahead, it will be very important for XRP to exceed $2. because? That’s because it shows that investors and traders are defending the price.
If there is too much volume and the $2 support is lost, XRP could fall to the $1.80 to $1.20 level, a level that has acted as resistance or support in the past.
If there is no strength shown in that area, the asset could undergo an even bigger correction and drop to the $1.20 to $0.80 range. This is the price level before Donald Trump won the US presidential election. At the time, the Ripple cryptocurrency was trading for less than $1.
As detailed in Criptopedia, the educational section of CriptoNoticias, the $2 support is currently being tested due to the symbolic weight it carries in the collective imagination and investor decisions.
Launch of XRP ETF
What is impressive is that while there is good news piling up for XRP, it is clear that it has not yet been reflected in the price.
One of the most important news for the Ripple Labs ecosystem We are launching the XRP Spot Exchange Traded Fund (ETF).
Today, November 20th, Bitwise’s financial products will make their market debut. With this launch, XRP will list two spot ETFs on the US market. It must be remembered that the first one was a product of Canary Capital Group.
The arrival of these spot ETFs will expand XRP exposure among traditional investors. It trades like stocks on the market, adding liquidity to the ecosystem and opening the door to more institutional investors.
