XRP Eyes Key Support Level as Price Dips Amid Overall Market Sell-off

• Several altcoins faced sell-off amidst Bitcoin’s (BTC) price drop to $61,000.
• At the time of writing, XRP is trading at $0.6089, down 2.29% in the last 24 hours.

The Delaware Division of Corporations website now displays an application for a Bitwise XRP exchange-traded fund (ETF). The filing states that the Bitwise XRP ETF was established on September 30, 2024. The CSC Delaware Trust Company, with headquarters in Wilmington, Delaware, was named as the registered agent.

Brad Garlinghouse, CEO of Ripple, has been dropping hints about the impending financial product over the last several months, calling an XRP ETF “inevitable” in the wake of the US-based launches of spot Bitcoin and Ether ETFs.

XRP Open Interest has surpassed 1.5 billion XRP tokens across all cryptocurrency exchanges. The amount is over $1 billion, or 1.55 billion XRP, according to statistics from CoinGlass.

Not long after Ripple announced that the Dubai Financial Services Authority (DFSA) had given its in-principle approval, XRP OI began to climb. On October 1, the team made this development public. It cited an effort to broaden its service offerings out of the DIFC in Dubai.

Overall Market Sell-off

The recent market action has caused crypto investors to feel worried, as several altcoins faced sell-off amidst Bitcoin’s (BTC) price drop to $61,000.

At the time of writing, XRP is trading at $0.6089, down 2.29% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 19.78%. The price is facing brief correction after climbing all the way to $0.66 level on 29 September.

If the price manages to go below $0.58 level, then it will likely decline further to test $0.56 support level. Breaking below this level, will likely see price testing $0.50 mark. Conversely, if the price manages to climb above $0.63 resistance level, then it will likely retest $0.66 level.