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XRP Might Collapse to $1.1 If This Bearish Pattern Plays Out
A recent report has revealed that the trading volume of Ripple-linked cryptocurrency XRP has dropped significantly, logging only $2.7 billion worth of transactions on Saturday. While this pattern could be seen as a bearish sign for XRP investors, there are still potential bullish catalysts at play.
Firstly, it’s essential to note that XRP ETF approval odds currently stand at 75%, according to Polymarket bettors. This increase in optimism has been fueled by the SEC acknowledging several XRP ETFs. Additionally, a 12% chance of the U.S. creating a national reserve with the XRP token could also contribute to an uptick in trading volume.
Furthermore, Ryan Rasmussen, head of research at Bitwise Asset Management, recently revealed that members of a multi-billion wealth management team have been adding XRP to their crypto portfolios. He attributed this interest to the cryptocurrency’s “strong” brand recognition and top-notch marketing efforts.
In light of these bullish factors, it may be premature to conclude that XRP is doomed for a collapse to $1.1. In fact, the token has historically demonstrated an ability to bounce back from bearish trends.
As always, all investment decisions should be made after thorough research and consideration of individual risk tolerance.
Source: https://u.today/xrp-might-collapse-to-11-if-this-bearish-pattern-plays-out
