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XRP Price Dips After Massive $605M Liquidations
According to data from crypto.news, XRP was trading at $2.86 on Wednesday, October 8, down 4.5% in 24 hours and nearly 20% below its year-to-date high of $3.56 reached in July. This decline reflects a broader market sell-off driven by the ongoing U.S. government shutdown and profit-taking among investors.
Bitcoin, the market leader, slipped below the $122,000 support level, falling 2.5%, while Ethereum dropped 5.5%. Other major altcoins including Solana, Dogecoin, TRON, and XRP also declined between 4% and 8%, reflecting bearish sentiment across the crypto space.
Liquidations Add Selling Pressure
XRP was impacted by a massive $605.9 million liquidation event yesterday, mostly from forced closure of long positions. Such liquidation cascades typically intensify selling pressure, pushing prices lower. Despite this, XRP’s technical setup hints at a possible bullish reversal ahead.
Technical Outlook: Descending Triangle and Key Levels
On the daily chart, XRP has formed a descending triangle pattern since early July. This pattern, marked by lower highs converging on a flat support, usually signals bearish continuation. However, a breakout above the upper resistance line often signals a bullish reversal, shifting momentum from sellers to buyers.
At press time, XRP hovered about 5% below the critical $3 breakout level. A confirmed break above this point could lead to a rebound toward $3.93, based on the triangle’s projected height. Meanwhile, momentum indicators like the MACD and RSI remain near neutral, suggesting potential consolidation before any decisive move.
Market Sentiment Shifts Positive on ETF Prospects
Market sentiment turned positive compared to a day earlier, fueled by anticipation that the first spot XRP ETF may receive approval once the U.S. government shutdown ends. Multiple ETF issuers, including Grayscale, 21Shares, and GraniteShares, have filed applications, with GraniteShares recently applying for a 3x XRP ETF on October 7.
