The cryptocurrency XRP has experienced a notable decline in the last 24 hours, sparking discussions among investors. Recent data reveals that this drop is significant and may impact the asset's near-term outlook.
Sharp Decline in XRP Open Interest
According to CoinGlass data, XRP's open interest has dropped by 9.72%, reaching 1.47 billion XRP, equivalent to $3.80 billion. In the last 24 hours, XRP's price decreased by 2.92% to $2.58. This decline coincided with the cryptocurrency's inability to overcome the resistance at $2.70.
Key Catalyst for XRP
Despite the current dip, XRP has the potential for recovery. Trading volume surged by 46.20% to $5.53 billion. In Brazil, the first XRP-based exchange-traded fund (ETF) has been approved. This is a significant event for the South American market and could positively influence XRP's global value.
Future Outlook
The ongoing interest in XRP may support its recovery to levels around $3. The U.S. market also anticipates the U.S. Securities and Exchange Commission's (SEC) decision on Grayscale's application for an XRP-based ETF, which further increases interest in the cryptocurrency.
Despite recent setbacks, XRP still has several factors that may aid its recovery and stabilize its market position. Regulatory interest and growing trading volume could support the asset's long-term growth prospects.
