The post Why XRP Price is Down Today Despite Multiple XRP ETF Filings? appeared first on Coinpedia Fintech News
The crypto market continues displaying mixed price action, highlighting increasing uncertainty. Moreover, top crypto tokens have plunged below their important support levels. With this, the Ripple token recorded a similar price action, resulting in increased bearish sentiment.
Considering the present market trends, investors and institutions are closely monitoring the price action of these crypto tokens as the altcoin hints at a potential XRP ETF approval. Are you concerned about its short-term prediction? Read now to Find out the possibilities!
Ripple Price Continues Struggling Below The $2.50 Mark!
Over the past 24 hours, the price of XRP token has dropped by 3.48% with a trading volume of $7.482 billion, a change of +1.83%. Moreover, it has plunged 24.13% in the last seven days, highlighting increased selling pressure. With a market cap of $132.803 billion, it has a market dominance of 4.2106%.
The Simple Moving Average (SMA) constantly acts as a support to the XRP price chart. This suggests a strong bearish action for the altcoin in the crypto space.
Furthermore, the MACD indicator displays a constant rise in the red histogram with its averages recording a similar price action in the daily time frame. This highlights that the 04th largest crypto token may continue losing value in the upcoming time.
Will XRP Price Rise Back Up?
If the market favors the bulls, the Ripple coin price could retest its immediate resistance level of $2.50. Maintaining the price above that level could set the stage for this altcoin to head toward its upper resistance level of $3.00.
On the contrary, if the bears outrun the bulls, the XRP coin price may drop toward its low of $2.25. Furthermore, if the bearish sentiment intensifies, this could result in it plunging toward its crucial low of $2 in the coming time.
Are you one of many who are planning on investing more XRP tokens but are concerned about its long-term possibilities? Read out the latest XRP Price Prediction today!
FAQs
Evaluating the present market situation and the circulating supply, it is highly unlikely for this altcoin to achieve the $100 mark.
As per the latest reports, several institutions have shown interest in launching XRP Spot ETFs. Moreover, the US Securities and Exchange Commission (SEC) is presently reviewing various applications.
If the market favors the bulls, the Ripple coin could reach a maximum trading value of $4 this year.
