The XRP price continues to decline, showing a three-day trend downward amid a broader downturn in the crypto market. This decline concerns important support levels and pattern formations.
Discussion of Current XRP Price Situation
The XRP price has dropped and retested an important support level at $3, marking its lowest level in nearly a week. Over the past few days, the price has decreased by more than 17% from this year's maximum.
Formation of the 'Cup and Handle' Pattern
The current XRP price situation is part of the formation of a rare 'cup and handle' pattern, which consists of two parts. The cup has already completed its formation between January and July 18, with the bottom part at $1.6238, its lowest level in April. XRP is now falling as part of the formation of the handle section, which may take several days or weeks.
Potential Catalysts for XRP Growth
The XRP price has several catalysts that could propel its rise. Notably, the odds of spot XRP ETF approvals in 2025 have surged to over 80%. Additionally, there is a likelihood that BlackRock will file for an XRP ETF after its success with Bitcoin and Ethereum ETFs. The recent passage of the GENIUS Act in the US has also led to a rise in Ripple USD, accumulating over $550 million in assets and becoming one of the fastest-growing assets in the industry.
Despite the current decline, XRP has multiple potential catalysts that could help it recover. Stay updated with news to remain informed about further market changes.
