XRP Price to Test $2 as Whales Dump Nearly 1M Coins, Will XRP ETF Come to Rescue?

XRP XRP $2.28 24h volatility: 5.4% Market cap: $136.78 B Vol. 24h: $7.08 B has extended another 7% loss in the last 24 hours, dropping to the crucial support at $2.25 level. On Nov. 4, XRP price drop has come amid a broader crypto market correction, totaling over $1.3 billion in liquidations. All hopes are on XRP ETF approvals coming next week to drive the altcoin higher.

XRP Price Can Test $2 Once Again

Amid the continuous selling pressure and rejection at $2.7, XRP is on the verge of a further breakdown. Crypto analyst Alt Crypto Gems warned that XRP may be entering a risky zone after facing rejection at the $2.7 level. The analyst noted that the current price action appears to confirm a lower high formation, signaling potential weakness ahead.

He cautioned that if bulls fail to reclaim the $2.7 resistance level soon, XRP price could be at risk of revisiting its lower support zone at $2.0.

On the other hand, Ripple whales have been selling in big numbers over the past week, adding to the further selling pressure. Crypto analyst Ali Martinez noted that XRP whales have offloaded nearly 900,000 coins in the past 5 days.

It will be interesting to see whether XRP can recover amid the ongoing crypto market correction. Furthermore, key developments around the XRP ETF have also failed to garner XRP price momentum on the upside.

Will XRP ETF Launches Come to the Rescue?

ETF expert Nate Geraci has forecast that the first spot XRP exchange-traded fund (ETF) could debut within the next two weeks. In an X post on Nov. 3, Geraci wrote that the anticipated approvals signal a significant shift in US regulatory sentiment toward crypto assets.

Furthermore, asset manager Grayscale has reportedly submitted a new amendment for its proposed spot XRP exchange-traded fund (ETF). Market observers suggest that institutional players could be capitalizing on the recent XRP price dip, potentially accumulating at lower levels ahead of a regulatory greenlight.

The recent US government shutdown reportedly delayed the Securities and Exchange Commission (SEC) from meeting final deadlines on multiple XRP ETF filings. Grayscale’s application was first in line for approval on Oct. 17, followed by submissions from 21Shares, Bitwise, Canary Capital, CoinShares, and WisdomTree.

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