What to Know:
- XRP faces key resistance at $2.80 and $3.00, with support at $2.15, potentially defining its next major price movement.
- Anticipation builds for a possible spot XRP ETF launch around November 13, which could introduce significant volatility.
- Long-term XRP holders are increasing their spending, signaling a possible exit and exerting downward pressure on the price.
XRP is currently navigating a crucial juncture as it vies for the fourth position among cryptocurrencies, stirring interest among investors and traders. The cross-border token experienced a notable resurgence in late October, briefly surpassing $2.65, but has since stabilized around $2.52. Market analysts are closely watching key support and resistance levels to predict the next significant move for XRP.
Breaking the $2.80 resistance could propel XRP toward the $3.00 mark, a target that has remained elusive for several weeks. Conversely, a downward trajectory would find initial support at $2.15, serving as a critical defense line.
The potential launch of a spot XRP ETF is fueling expectations of increased volatility in the coming weeks. Canary Capital’s filing update suggests a possible launch around November 13, which could bypass standard approval procedures.
However, investor behavior indicates a cautious outlook, as evidenced by recent whale activity involving the disposal of XRP tokens. Data reveals that long-term holders, who accumulated XRP before the price surge a year ago, have significantly increased their spending.
For $XRP, resistance stands at $2.80 and $3, while support holds at $2.15. pic.twitter.com/ODv0X9sWhh
This increased spending by long-term holders is interpreted as a sign of seasoned traders exiting the market, adding downward pressure on XRP’s price. The confluence of these factors—potential ETF launch, whale activity, and long-term holder behavior—suggests a period of heightened price swings for XRP.
Since early August, XRP price has dropped from $3.3 to $2.4 (-27% 🎯).
At the same time, long-term holders who accumulated before Nov 2024 ramped up their spending by ~580%, from $38M/day to $260M/day (7D-SMA)
A clear sign of seasoned traders exiting and adding pressure to… pic.twitter.com/q5h02AsdrJ
As XRP approaches key resistance levels and a possible ETF launch date, traders and investors should closely monitor market dynamics and regulatory developments. The interplay of these factors will likely dictate XRP’s price action in the near term.
Source: Original article
