XRP price remained in a tight range ahead of the closely watched Ripple Swell event in New York, the Bitwise XRP ETF launch, and the soaring Ripple USD (RLUSD) stablecoin assets. The Ripple token was trading at $2.5025, down from the year-to-date high of $3.6597.
Ripple Swell, Bitwise XRP ETF, and RLUSD Assets
The XRP price will be at the Ripple Swell event, which will take place in New York between November 4 and 5. This is an important event that will likely lead to announcements by both Ripple and other senior executives from top companies like BlackRock and Franklin Templeton.
One potential catalyst that people are watching is whether BlackRock will agree to launch a spot XRP ETF. Besides, XRP is the fourth-biggest player in the crypto industry.
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BlackRock has also become the most successful company in the ETF industry, with its Bitcoin and Ethereum funds managing over $100 billion in assets. IBIT’s Bitcoin ETF has become its most profitable ETF.
The other important XRP news will be the potential launch of the Bitwise XRP ETF, which will likely happen this week or later this month.
Bitwise, an asset manager with over $10 billion in assets, has made one of the last amendments to its XRP ETF filing, as it did with its Solana ETF filing. Approval of a spot ETF will likely drive more demand for the coin.
Meanwhile, Ripple is becoming a major player in the stablecoin industry. Data compiled by CoinGecko shows that the Ripple USD (RLUSD) stablecoin has achieved a market cap of over $977 million. This means that its assets could cross the $1 billion mark as soon as this week.
Data compiled by DeFi Llama shows that the amount of RLUSD tokens on the XRP Ledger has jumped by 74% in the last 30 days to over $157 million.
XRP Price Technical Analysis
Technical analysis suggests that the XRP price may be on the verge of a strong bearish breakout, despite the important events this week.
The daily timeframe chart shows that the Ripple price has formed a break-and-retest pattern by moving back to $2.7016. This is an important level, as this was along the lower side of the descending triangle pattern.
XRP price has formed a bearish flag pattern, a common continuation sign in technical analysis. It has also formed a death cross, as the 50-day and 200-day moving averages crossed.
Therefore, a combination of these patterns points to more downside in the near term. If this happens, the next point to watch will be the psychological point at $2.0.
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