Most of the cryptocurrencies from the cryptocurrency market flash crash that occurred on October 2nd have yet to be recovered. XRP price fell by about 7% to the $0.58 level.
On October 2nd, the SEC filed an appeal, which triggered a significant drop in XRP price. The price fell to $0.52.
Source: CoinMarketCap
Ripple CEO Brad Garlinghouse is confident that the appeal will not change XRP’s current legal status.
As investors await the delayed Uptober, the main question is whether XRP price can overcome the negative impact.
XRP ETF topic
On October 2nd, Bitwise, a leading cryptocurrency index fund manager, filed for an XRP ETF in Delaware. Accordingly, Bitwise became the first company to file an initial registration statement for a Spot XRP Exchange Traded Fund (ETF) with the SEC.
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However, despite the recent ETF buzz, XRP has failed to experience price appreciation. This announcement, which coincided with the SEC appeal, did not have a significant impact on prices.
After briefly rebounding to $0.544, XRP continued to fall and bottomed at $0.513.
XRP price prediction
Following the Uptober, XRP has emerged as the top trending crypto asset, according to Santiment data.
Notably, nearly 250 million XRP tokens were moved from various crypto trading platforms by an anonymous whale following a recent SEC filing. This massive move is causing concern, especially in the face of growing skepticism from XRP critics.
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Max Kaiser, a vocal Bitcoin maximalist, has ridiculed XRP holders, claiming there is no chance for XRP to go up.
Similarly, veteran trader Peter Brandt predicted that the price of XRP would crash to zero against Bitcoin, citing the 11-year long-term Head and Shoulders (H&S) pattern.
This is the post of X that many people will take screenshots of and remind you of often for years to come
Did you know that Ripple’s official name is “RIP PPL OFF”? $XRPBTC
There is a complex H&S for 11 years on the chart, which only applies if the price of the completed project goes to zero Bitcoin.
Good news today! pic.twitter.com/KGodcqUn64
— Peter Brandt (@PeterLBrandt) October 3, 2024
Currently, XRP is trading around $0.533 below the 200 EMA and approaching a key support level.
If the bearish pressure continues, the token could fall below this support and fall to the $0.48-$0.49 range, suggesting further downside risk for the cryptocurrency.
