Ripple’s native token XRP fell 3.1% in 24 hours, driven by a broader crypto pullback. The Ripple token failed to hold $2.81 with heavy selling at $2.80 by long-term whales.
XRP saw significant institutional liquidation flows, totalling $1.9 billion since July.
The token’s price at $2.75–$2.77 remains the immediate support level, below which, $2.50 and $2.00 are key longer-term levels.
The 4th largest cryptocurrency has slightly recovered and is seen trading at $2.75 at press time, per CoinMarketCap data.
Is XRP Rebound Imminent?
Despite a 7.64% plunge over the past month, XRP’s booming fundamentals eye a strong September comeback.
RLUSD stablecoin supply has hit $701 million, an explosive growth driving XRP Ledger utility. According to CoinMarketCap, the stablecoin’s assets crossed $700 million on Saturday.
Further, notable crypto commentator Nate Geraci has forecasted a significant investor interest in spot XRP and SOL exchange-traded funds (ETFs). He drew parallels between current market sentiments and previous underestimations of Bitcoin and Ethereum ETFs.
Geraci believes that the demand for these altcoin-based products is vastly undervalued.
Recently, a bunch of XRP ETF filings with the US SEC were updated by issuers, including Grayscale, Bitwise, Canary, and 21Shares.
The simultaneous XRP ETF filings by these asset managers is “highly notable,” and “a very good sign” for the prospects of eventual approval, Geraci said at the time.
Prediction markets price an 86% chance of a U.S. XRP ETF launching in 2025.
Ripple Token Shows Bullish Pennant
On the technical front, the Ripple token is showing a bullish pennant pattern, a signal that suggests an upward price breakout likely.
“We’re going to see a significant breakout any day now,” wrote one user on X.
A pennant or a flag formation in September indicates the impending continuation of a strong upward price movement. That said, there is a potential rally that XRP would be back to $3.66 (+30%), with room toward $5.
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