XRP Price Dropped by Nearly 7% in the Last 24 Hours from $2.30 to $2.08

Analysts are treading cautiously as XRP price dropped by nearly 7% in the last 24 hours from $2.30 to $2.14. This came despite its trading volume rising by around 19% as it moved roughly $3.44 billion of its supply across wallet addresses.

The token’s movement is a clean break of its key support level after consolidating between $2.26 and $2.31. Now, it’s in danger of returning to the $2 level.

On the other hand, zooming out the chart to a multi-year frame shows that it could be gunning for a rally beyond its all-time high of $3.84 in January 2018. According to the pseudonymous Egrag Crypto, a popular technical analyst on X, the token’s value in the last seven years has displayed rising support in the monthly candles.

Based on the analyst’s readings, the current trajectory of XRP is emulating the preceding monthly candles leading to the mega candle that catalyzed its all-time high in 2018. If the same pattern plays out in the next monthly candle of the digital asset, it could signal a price jump to $17.

However, the analyst claimed he is personally targeting $27, wherein he would begin gradually cashing out some of his investments in the digital asset as the prices increase.

Readers are advised to exercise due diligence in their trades, though. While the analyst’s uber-bullish chart indeed paints an enticing picture of XRP, it merely focuses on one aspect of the token’s technical price actions. Hence, his outlook is never an all-encompassing analysis take on the asset. It also does not account for the possible effects of macroeconomic factors that directly and indirectly impact the cryptocurrency sector.

As such, take the following analysis with a grain of salt.

Insiders are getting increasingly bullish on the possibility of the SEC approving the pending spot bitcoin and ether ETF applications ahead of the October 2025 deadline set by the SEC.

With the new administration at the SEC, which is known for its crypto advocacy, the chances of approval appear to be in their favor. A recent statement by Eric Balchunas, a senior exchange-traded fund (ETF) analyst at Bloomberg, further boosts this optimism.

During a lively discussion on the ETF applications, Balchunas expressed his belief that there is now an 85% probability of the SEC greenlighting the applications. He highlighted the fact that the new administration at the SEC, which includes Paul Atkins, a recognized figure in the crypto domain, would be making the final decision.

In contrast, the previous administration, led by Gary Gensler, displayed skepticism towards the applications, leading to their rejection in August 2022. However, with the change in administration and the appointment of a crypto advocate, the landscape has shifted considerably.

The approval of the spot bitcoin and ether ETFs would have significant implications for the cryptocurrency market. It would provide streamlined access for both retail and institutional investors to these major tokens, similar to how they trade traditional stocks like Apple or Tesla.

This development aligns well with Ripple's efforts to expand the use cases of the XRP Ledger (XRPL) in areas such as cross-border payments, real-world asset (RWA) tokenization, and emerging markets in Decentralized Physical Infrastructure Networks (DePIN).