The SEC has also recognized ETF applications from Grayscale and CBOE in the past week. But XRP’s price reaction has been disappointing, as the altcoin struggles to maintain its support level. Currently, XRP is on the lower side of a symmetrical triangle, a pattern that portends a potential breakout either way.
A nearer look at the one-day XRP/USD chart shows that the cryptocurrency has remained in this trajectory since it reached its all-time high of $3.39 on January 16. But selling pressure has intensified, pushing XRP toward a key support level. If this level breaks, a sharper decline could follow.
Adding to the bearish outlook, XRP is trading below its 20-day exponential moving average (EMA), a sign that selling pressure is dominating. The Super Trend indicator also suggests further downside, with resistance forming at $3.12.
If the current trend continues, XRP could drop toward $2.24. However, if demand picks up, a breakout above $3.12 could signal a reversal. For now, the market remains at a critical juncture.
