XRP price crashed to a crucial support level today, Nov. 21, as the crypto market crash accelerated. Ripple dropped to a low of $1.8130, its lowest level since October 10 when it suffered the biggest liquidation this year.
Ripple ETFs are Nearing a $500M Milestone
The XRP price remains in a technical bear market after falling by over 47% from its highest level this year. This crash happened despite the coin having some of the best fundamentals in the crypto industry.
For example, the Securities and Exchange Commission (SEC) has already approved several ETFs, which have been received well by investors despite the ongoing crypto market crash.
These ETFs have had outflows in the past five consecutive days, with Thursday being their second-best day. Data by SoSoValue shows that these funds added over $118 milion in inflows on Thursday.
XRP ETFs are now nearing their $500 million in cumulative inflows, which could happen today. In total, these funds now have over $385 million in assets. Canary’s XRPC has over $277 milion in assets, while Bitwise’s XRP ETF has $107 milion.
XRP ETF inflows will likely continue see more inflows in the coming days as funds by companies like Franklin Templeton (EZRP), 21Shares, and Invesco starts trading. JPMorgan analysts believe that these funds may attract over $8 billion in inflows in the first year.
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XRP price has potential catalysts that may help it when a crypto bull run resumes. Ripple has real utility in the payment industry, where it helps companies move billions of dollars faster and for pennies.
Additionally, it has become a major player in the stablecoin industry, where Ripple USD (RLUSD) has achieved over $1 billion in market cap within a year.
XRP Price Technical Analysis
The daily timeline shows that the XRP price has been in a strong downtrend in the past few months. It has moved from the year-to-date high of $3.6736 in July to the current $1.8985.
On the positive side, the coin has bottomed at an important level where it failed to move below several times since December last year. This price is slightly above the 61.8% Fibonacci Retracement level at $1.7010.
Ripple price has formed a double-bottom with a neckline at $2.70, its highest level in October. Therefore, the coin will likely rebound and hit the neckline, which is about 42% above the current level.
However, a move below the current support at $1.80 will invalidate the bullish forecast and point to more downside, potentially to the psychological point at $1.50.
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