XRP price continued its downtrend on Monday, reaching a low of $2.20, as the crypto market crash accelerated. Ripple has now dropped by 40% from its highest level this year. Still, one top analyst believes that the coin may rebound soon if it remains above a crucial support level.
Expert Predicts Potential XRP Price Rebound
In an X post, Ali Martinez, a popular crypto analyst, predicted that the coin still had a chance to rebound if it remained above the important support level at $2.15. He believes that the coin will then rebound to between $2.4 and $2.70 if this happens. A move to $2.70 would imply a ~25% surge from the current level.
By identifying $2.15, Martinez is implying that the coin has formed the highly bullish triple-bottom pattern, one of the most bullish signs in technical analysis. This pattern is made up of three lows and a neckline, which, in this case, is at $2.68. A move above that level will point to more gains, potentially to the psychological level at $3.
Still, there is a risk that the XRP price will lose the support level, a move that will point to more downside, potentially to the year-to-date low of $1.7676, which is about 21% below the current level.
The main risk is that the coin has been forming a series of lower lows and lower highs since July this year. This pattern simply means that the coin has found substantial resistance in all its attempts to rebound.
The other risk is that the Ripple price formed a death cross pattern on November 6 as the 50-day and 200-day Exponential Moving Averages (EMA) crossed each other. XRP price has also constantly remained below the Supertrend indicator.
Therefore, there is an elevated risk that it may continue falling in the coming weeks. The bearish outlook will become invalid if it moves above the resistance at $2.6.
Top Ripple ETFs To Be Launched This Week
The main catalyst for the potential XRP price rebound is that the financial market is waiting for more ETF launches.
Franklin Templeton will launch its XRP ETF on Tuesday, joining Canary, which launched its fund last week. The XRPC ETF has now accumulated over $250 million in assets, making it one of the fastest-growing funds in the market. Franklin’s fund will likely be more successful because it is a bigger company than Canary, with over 1.6 trillion in assets.
Bitwise will also launch its ETF later this week. Altogether, analysts at JPMorgan believe that XRP funds will attract over $8 billion in assets in the first year.
The other potential catalysts for the XRP price will be the upcoming Nvidia earnings and the Federal Reserve minutes, all of which will come out on Wednesday this week.