XRP Fails to Overcome Bearish Momentum as Price Tumbles

• At the time of writing, XRP is trading at $0.5629, down 1.09% in the last 24 hours.
• If the price manages to go below the $0.55 mark then it will likely test the $0.54 support level.

The XRP ecosystem has not seen any significant fundamental developments that might propel the token beyond its present impasse. It is clear that XRP is in a far deeper downturn than its rivals since its price has fallen by 14.19% in the last month.

On January 10, a whale transferred $20.98 million worth of XRP from the MEXC exchange to a wallet, according to Whale Alert. This transfer took place as XRP’s price remained flat after falling from $0.63 on January 3. Despite the disappointing performance, whales seem to still believe in XRP’s long-term potential, as seen by the massive outbound transfer from MEXC to a non-exchange wallet.

At the time of writing, XRP is trading at $0.5629, down 1.09% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 35.66%.

Source: CoinMarketCap

If the price manages to go below the $0.55 mark then the price will likely decline further to test the $0.54 support level. On the other hand, if the price manages to climb above $0.58 level, then it will likely test $0.59 resistance level.

XRP ETF Highly Likely

Spot Bitcoin ETF approval is being eagerly awaited by the crypto community. With the potential approval on the horizon, XRP likely stands to gain significantly. A spot exchange-traded fund (ETF) for cryptocurrencies like Ripple’s XRP has been circulating in the same circles as the possible approval of a Bitcoin ETF.

Following the potential approval of an ETF for Bitcoin, Steven McClurg of Valkyrie said that ETFs tracking the values of Ripple (XRP) and Ethereum (ETH) may be filed. According to McClurg, XRP’s development and inclusion in Grayscale’s Digital Large Cap fund (GDLC) bode well for the prospect of an ETF.