XRP is struggling at around 2.60, but there is a chance of a price rebound at the 2.00 support area, which then indicates that market stability will be key in the future.
The XRP is deeply unfavorable at the level of 2.60, which puts traders and investors at a loss who want to have long-term positive growth.
The recent price movement indicates that XRP was trading continuously within the range of 2.40 and 2.55, and it was even more volatile during the retraction periods.
The market action indicates that there is a tendency of consolidation on a downward trend channel, which implies that the important support zone of $2.00 will be tested in the near future.
Is $2.00 the key to XRP’s stability?
The technical analysis indicates that XRP is consistently turned away at levels above 2.60, which sets off fears of the market price going down in the short term.
But based on historical and current buyer interest, XRP may have a lot of support in the range of $2.00, which has repelled price falls several times during comparable market direction transitions.
In case the $2.00 support holds, it can be the basis of a recovering and more stable market situation.
The analysis of Ali Charts indicates that there is a downward channel on a daily time frame, and XRP has lower highs and less strength since the beginning of October.
Source – X
Nevertheless, the area between 2.10 and 1.95 is still active and a support zone, and thus provides a potential bounce-back zone to the buyers who wish to consolidate the token.
ETF Developments Stir Market Watchfulness
The news of XRP in terms of ETF filings is strengthened, and indicates that it could start to attract more investors.
Bitwise has recently revised its ETF application to include NYSE listings, and its management fees are very favorable at 0.34%.
This action is considered to be the last stage of preparation prior to the introduction of the fund that might appeal to billions.
In context, previous altcoin ETFs such as Litecoin and HBAR had high inflows soon after launch, and the newly created REX-Osprey XRP ETF had raised more than $110 million in the first month.
Consistent inflows that have been associated with ETF optimism and the persistent nature of XRP within the range of $2.00 suggest a strategic rebound zone.
As volatility persists, market participants are keeping a very close eye on whether XRP will be able to hold on to this support level or not.