XRP's price fell about 4% over the last day, linked to recent BlackRock announcements. Investors express skepticism towards buy-the-dip strategies.
Reasons for XRP Price Drop
XRP's price dropped to a range of $3.14 to $3.15, down from the previous week’s high of $3.50. Analyst CrediBULL Crypto noted a weekly downturn of about 10%, which he sees as a favorable entry point.
XRP ETF Prospects
After the SEC officially dropped its lawsuit against Ripple, hopes for an XRP ETF emerged. However, BlackRock's recent announcement of no plans for an ETF dampened investor optimism. Current chances for approval stand at 81%, reflecting ongoing skepticism.
What Awaits the XRP Market?
Interest from large investors, or 'whales,' remains strong, with 900 million XRP accumulated recently. This indicates that demand is still present amidst selling pressure. The future of XRP now hinges on ETF-related news and technical indicators.
Despite the volatility and uncertainty in the XRP market, institutional interest and strategic buying highlight its potential for recovery and growth within the broader cryptocurrency ecosystem.
