XRP has seen a sharp price drop, but a recovery may be on the horizon. This article explores current trends and growing interest in XRP ETFs.
Analysis of Current XRP Price Trends
XRP has experienced a significant 20% decline over the past 45 days, dragging prices back toward a critical support zone around $2.70. The daily chart highlights consolidation within a descending triangle pattern, signaling a potential breakdown below the $2.70 level if selling pressure intensifies.
Technical Setup and Fibonacci Levels
XRP price was trading inside a descending triangle on the one-day chart, repeatedly testing support near $2.70. The range between $2.35 and $2.65 has become an important zone to watch, as falling below $2.70 could lead to further reactions. Fibonacci levels show that the 0.5 to 0.618 range closely aligns with this zone, historically increasing the chances of price stabilization and rebound.
Speculation Around XRP ETF and BlackRock's Participation
BlackRock will be among the 60 speakers at the upcoming Ripple's Swell 2025 event in November, sparking speculation about a potential BlackRock XRP ETF. Following the Ripple vs. SEC case conclusion, many investors began anticipating its launch; however, Ripple and BlackRock have yet to announce plans. Meanwhile, Bitwise and Grayscale have already filed for similar ETFs, potentially pushing BlackRock to join the race.
The price correction of XRP creates a chance for future growth, especially amidst rising ETF interest and expected news from regulatory agencies. Traders' attention is focused on key support levels and potential events within the crypto industry.
