2 Bullish Signs for Ripple’s (XRP) Price After 15% Weekly Drop: Details
It’s safe to say that the cryptocurrency markets have experienced one of their worst monthly performances in recent history so far in November, with prices slumping by double digits even from the larger caps.
Ripple’s XRP is no exception, even though the asset saw the release of two exchange-traded funds tracking its performance in the US – a development that is generally considered bullish.
In the past week alone, XRP has lost over 15% of value and now sits at $1.95 after dipping beneath $1.90 yesterday. Moreover, the token has dropped by nearly 50% since its all-time high registered in July this year.
Now, though, data shared by Ali Martinez shows that Ripple’s cross-border token could be poised for a relief rally. The TD Sequential, a metric used to determine the market exhaustion in either direction, has flashed a buy signal for XRP after its recent calamity.
The last couple of times this happened, the token jumped by double digits (14% and 18%, respectively). A similar increase now can drive XRP back to the $2.20-$2.30 range.
The other set of positive news around the asset is the approval of a third ETF with 100% exposure to XRP. As reported by Bloomberg’s expert, Grayscale’s XRP Trust will be converted into an ETF, similar to the company’s BTC and ETF funds, in 2024.
This would be the third spot XRP ETF going live in the US in the span of less than two weeks. Although the launch of the first two turned out to be a classic sell-the-news event, experts are adamant that these are bullish moves for the underlying asset in the long run, especially if volumes and net inflows are high as they were initially.
The post 2 Bullish Signs for Ripple’s (XRP) Price After 15% Weekly Drop: Details appeared first on CryptoPotato.
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