Key Insights
- •XRP is approaching a critical support level at $1.75, a point where past rallies have historically originated.
- •Approximately 1.80 billion XRP was acquired around the $1.75 mark, establishing it as a significant level for potential price reversals.
- •The SEC's approval of the Franklin Templeton XRP ETF is expected to attract institutional interest, which could influence XRP's price movements.
XRP is approaching a crucial support level where previous rallies have taken place. As the cryptocurrency continues its downward movement, investors are closely watching to see if this support will hold. The market’s reaction at this level could determine whether XRP begins a new bullish trend.
XRP Faces Key Support Zone
XRP has dropped out of its long consolidation range, moving toward a well-known support zone. This price range has previously sparked significant rallies. Traders are now paying close attention to this level, which has acted as a critical point for price reversals in the past.
According to BitGuru, "If the price reaches this level again, it could act as a reaction point." This suggests that the support could potentially trigger a new upward movement if buyers return to the market.
As of the time of writing, the XRP price sits around $1.90. It has seen a slight decline of 1.11% over the past 24 hours, with a 24-hour trading volume of approximately $5.46 billion. As the price nears this support zone, the market’s next steps remain uncertain.
Volume and Market Behavior Around $1.75
Furthermore, another important factor contributing to XRP's support level is the volume of XRP acquired at around $1.75. Based on Ali_charts, the analysis indicates that 1.80 billion XRP were purchased at this price point. This makes the $1.75 level a key support area for the cryptocurrency.
"This is a level that traders are closely monitoring," one expert said, noting the importance of these previous acquisitions. If XRP drops to this level again, it could see strong buying interest, as many investors might view this as an attractive entry point.
The behavior of the market in response to this support will be key to determining whether XRP resumes an upward trend or the decline persists. The ongoing consolidation phase and recent ETF approval suggest that XRP may be at a turning point.
Franklin Templeton XRP ETF Approved by SEC
In addition, from the point of view of JackTheRippler, the U.S. Securities and Exchange Commission (SEC) approved the Franklin Templeton XRP ETF for the New York Stock Exchange (NYSE). This approval could further impact the price of XRP, as it opens the door for institutional investors to access the digital asset in a regulated manner.
The introduction of such financial products may contribute to the market’s perception of XRP, potentially influencing investor behavior. As XRP price hovers near crucial support, investors are left wondering whether the combination of technical levels and the SEC approval will lead to a bullish breakout.