The crypto market flash crash that happened Oct. 2 has left most cryptocurrencies still unrecovered. The XRP price declined roughly 7% to $0.58 levels.
On Oct. 2, the SEC filed its appeal, which created a trigger for a significant XRP price drop. The price has fallen to $0.52.
Ripple Chief Executive Brad Garlinghouse is positive the appeal will not change XRP’s current legal status.
As investors await for a delayed Uptober, the main question is whether the XRP price could overcome the negative impact.
XRP ETF buzz
On Oct. 2, Bitwise, the leading cryptocurrency index fund manager, filed for an XRP ETF in Delaware. Thus, Bitwise has become the first firm to file an initial registration statement for a spot XRP exchange-traded funds (ETF) with the SEC.
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XRP, however, failed to experience a price rally despite the recent ETF buzz. Coincided with the SEC appeal, this announcement did not have a significant impact on the price.
After a short-lived rebound to $0.544, XRP continued to decline, bottoming up at $0.513.
XRP price prediction
In the wake of Uptober, XRP has emerged as the top-trending crypto asset, according to data from Santiment.
Notably, following a recent SEC filing, nearly a quarter of a billion XRP tokens were moved off various crypto trading platforms by anonymous whales. This large-scale movement has raised concerns, especially in the face of increasing skepticism from XRP critics.
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Max Keiser, a vocal Bitcoin maximalist, has ridiculed XRP holders, claiming that the chances of a rally for XRP are non-existent.
Similarly, veteran trader Peter Brandt has predicted XRP's price will collapse to zero against Bitcoin, citing a long-term head-and-shoulders (H&S) pattern that spans 11 years.
This is an X post that many will screenshot and remind me of often for years to comeDoes everyone know that Ripple actually is formal name for "RIP PPL OFF " $XRPBTCChart has an 11-year complex H&S that ONLY IF completed projects price to ZERO BitcoinGood news for the day! pic.twitter.com/KGodcqUn64
— Peter Brandt (@PeterLBrandt) October 3, 2024
Currently, XRP is trading around $0.533, below the 200 EMA, and is nearing a critical support level.
If bearish pressure continues, the token could break below this support and fall to the $0.48-$0.49 range, signaling further downside risks for the cryptocurrency.
