 
 
The fourth-largest cryptocurrency has witnessed bearish on-chain metrics since XRP has slipped to a 3-month low after dropping beneath the psychological worth of $2.
As an example, in response to Coinglass information, XRP’s open curiosity has declined by 3.78%, signaling that the altcoin’s market exercise is reducing as merchants exit their positions.
Because of this, famend market analyst, Ali Martinez, believes that XRP’s scenario may be like getting out of the frying pan and into the hearth after falling beneath a head-and-shoulders sample.
Martinez pointed out, “XRP is breaking out of a head-and-shoulders sample, setting the stage for a possible transfer to $1.30.”
This evaluation reveals that XRP dangers dropping to the $1.30 zone since a head-and-shoulders sample depicts a pattern reversal.
 
Based on CoinGecko information, XRP was down by 13.4% up to now week to hit $2.13 on the time of writing.
Will an XRP ETF Save the Scenario?
With asset administration agency Teucrium already setting the XRP exchange-traded fund (ETF) ball rolling, Bloomberg senior analyst Eric Balchunas believes this can be a welcome transfer regardless of the witnessed bear market.
Buying and selling below the identify XXRP, Teucrium’s XRP ETF has already generated over $5.43 million in turnover.
Balchunas stated, “XXRP (2x XRP ETF) noticed $5 million in quantity on Day One, very respectable, particularly contemplating the mkt situations. That places it in approx high 5% of recent ETF launches, and about 4x what the 2x Solana ETF $SOLT did (altho each 200x lower than King IBIT).”
ETFs are often deemed game-changers since they set off heightened institutional curiosity in an asset, and the identical is anticipated for XRP.
In the meantime, XRP is eyeing a mega utility explosion, due to Ripple’s acquisition of prime brokerage agency Hidden Highway for a whopping $1.25 billion.
This deal is anticipated to broaden Ripple’s cross-border cost sphere, with XRP anticipated to take heart stage.
