Ripple is trading near the $2.38 level, down 3% in the last 24 hours with increasing uncertainty, as the currency suffers from downward fluctuations due to the selling activities of whales (large investors) and the delay in decisions regarding its exchange-traded funds (XRP ETF) and the risk-averse atmosphere in general, while it has recovered. Bitcoin and Ethereum-ETH reach very high prices.
The current market value of the Ripple currency currently stands at $142.7 billion, placing it fifth in the ranking of digital currencies, and its recent weakness coincides with growing fears that the price of the Bitcoin currency is going through a wave of stability below the $115,000 level, which could deepen the wave of correction in the price of the Ripple currency before it begins any recovery. Perceptible.
The exit of the whales and the postponement of the decision regarding their exchange traded funds (XRP ETF) are weighing on the public mood.
Major Ripple investors continued to sell more than 400 million XRP coins over the past month, worth more than $1.25 billion, bolstering the recent wave of sales in conjunction with the U.S. government shutdown that forced the Securities and Exchange Commission (SEC) to postpone its review of seven of the pending applications to launch spot trading funds for Ripple in Exchange (XRP Spot ETF).
Approvals due to be issued between October 18 and November 14 have been postponed due to downsizing at the Securities and Exchange Commission, and betting platform Kalshi expects the government shutdown to continue for a period of up to 25 days and regulatory decisions to be delayed until it ends, while analysts expect a return to optimism once the government shutdown ends and ETF requests, which could allow the price of Ripple to rebound. at $3.30.
However, the lack of updates on BlackRock’s iShares sparked a global movement of risk aversion that saw the value of the S&P 500 and Nasdaq indexes fall by more than 2%, and the price of Bitcoin fell by more than 10% in one day.
Ripple Coin Price Technical Analysis: Price Continues to Break Triangle Pattern
Ripple is under pressure – from a technical perspective – after its price movements broke the symmetrical triangle pattern that has expanded since July. The break of the $2.70 support level triggered a strong stop-loss liquidation wave that pushed the price down to its multi-month low at $2.30, while the stable 100-day simple moving average (SMA-100) line at $2.63 acts as a barrier. The nearest resistance and relative strength index (RSI) reading of 26.9 settled into the oversold range. With the possibility of an imminent price rebound, failure to breach the support-turned-resistance barrier in the $2.70-$2.80 range could trigger additional waves of selling.
If the bearish momentum continues, the support level at $2.02, corresponding to the Fibonacci retracement level, and perhaps the pre-July consolidation range at $1.77 could be retested, and you can expect a hammer candlestick or another elongated tail (Doji) to form at the $2.30 level as a sign of seller exhaustion in preparation for a temporary reversal of course.
Taking a cautious approach, traders can buy near the support level to target a recovery towards the $2.80-$3.18 area as momentum stabilizes and place stop losses below $2.25, but Bitcoin’s continued weakness could delay the recovery, suggesting that the currency’s price has not yet reached its potential lows for this stage.
Price Outlook: Watch for a Bitcoin Price Rebound First Before Buying to Exploit the Dip
Although the near-term price outlook for Ripple does not look promising, its fundamentals are trending toward recovery, especially in terms of exchange-traded funds and institutional interest. Once the price of Bitcoin rises above $115,000, the market may reverse its trend and Ripple may then recoup some of its losses.
Until then, traders will target any potential rebound to sell in anticipation of a rally into the $2.00-$2.30 range, as a sharp correction could pave the way for a stronger recovery in the fourth quarter once macroeconomic pressures ease.
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