XRP has experienced a significant decline, dropping over 30% from its highest level this year, despite positive developments in the Ripple network. The Ripple USD stablecoin has gained market share, and other players in the XRP Ledger network have seen increased traction. There is growing speculation that the SEC will drop its appeal against Ripple Labs and approve a spot XRP ETF. The number of XRP transactions has continued to rise, and JPMorgan analysts estimate that the approval of an XRP ETF could bring in over $8 billion in the first year. The decline in XRP price can be partly attributed to the extreme fear zone reached on the crypto fear and greed index, deterring investors. The Wyckoff Theory suggests that XRP has entered the distribution phase, characterized by indecision and a potential drop to $1.1395 if it falls below the neckline of a head and shoulders pattern.



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