XRP Faces Sharp Decline, But ETFs Offer Hope
XRP’s price took a significant hit, wiping out most of its gains from this month. the coin’s value dropped to $2.7082, its lowest as September 1st. This represents a 26% decrease from its year-to-date high of $3.6600.
The crash coincided with a broader downturn in the crypto market.
Amid this downturn, XRP liquidations surged to $75 million, the highest since July. Liquidations happen when exchanges close leveraged positions due to insufficient collateral. In the last 24 hours,liquidations surged by 842%,totaling $1.7 billion. XRP’s liquidations alone reached $75 million, the highest since July.
Despite this setback, XRP has reasons to be optimistic. The newly launched REX-Osprey XRPR ETF is attracting significant interest. It has already amassed over $10 million in assets. this positive reception suggests other XRP funds could also perform well.
Crypto.com’s CEO predicts spot XRP ETFs will draw over $8 billion in the first year.This aligns with JPMorgan’s earlier forecast. The odds of an XRP ETF approval are now at 96%, likely happening in October.
Technically, XRP’s price has formed a hammer candlestick pattern, frequently enough signaling a bullish breakout. If this occurs,the initial target could be the all-time high of $3.6598. Though, if it falls below the channel’s lower side, the bullish outlook may weaken.
