How far can the XRP rate continue to fall?

For months we have followed the Ripple (XRP) course closely. A common thread in these analyzes was always the crucial level of support of $ 2. For a continuation of the XRP Bullrun it was crucial that XRP remained above this level. On Sunday, however, XRP fell through this level and even recorded a low point of almost $ 1.60. Although the course is currently showing a small revival, financial markets are under heavy pressure. The question is therefore what we can expect from the XRP course in the coming weeks.

Weakness for Ripple

Technical analysts signal a bearish pattern: breaking the $ 2 limit confirms a so-called “head-and-should-shoulders” pattern, often an omen of further losses.

Ali Martinez is an analyst who has been closely monitoring this Bearish XRP pattern for weeks. According to him, with the confirmation of this pattern, a decrease to $ 1.30 or even $ 1 would be possible if the negative market sentiment persists. In the meantime, the network activity of XRP has also fallen by 65%: a worrying indication of decreasing interest and use.

A striking development is the upcoming launch of the very first XRP ETF in the US: the Teucrium 2x Long Daily XRP ETF (XXRP). Although it is a lifting tree product, this launch shows a growing institutional interest in XRP. ETF expert Eric Balchunas calls it remarkable that a leverage variant will receive approval rather than a traditional spot ETF:

“Very strange (perhaps unique) that the first ETF of a new asset is a leverage variant. Spot XRP has not yet been approved, although the chance of that is fairly high.”

Nevertheless, the impact of the ETF launch on the course is still limited. The Bullish News does not seem to be able to box against the persistent sales pressure caused by the frightening global trade war.

XRP course at the crucial point

XRP does not seem to hold the Bullish Momentum. $ 2 was the level where the race cost at all costs to disinstallidate a bearish pattern. Where we previously speculated about a possible attack around the level of $ 3, sentiment is now completely reversed.

With the fall below $ 2 we have to focus our eyes on lower levels where even $ 1 is a real scenario if the cryptomarkt continues to struggle in the coming period. Currently, XRP is testing the $ 2 level as a resistance. If XRP is definitively rejected here, it could be tough weeks for XRP owners. At the time of writing we can record an XRP rate of $ 1.94.

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