XRP Down but above $0.55 as Bitwise Files for a Spot Ripple ETF

XRP is down, following Bitcoin and other top altcoins. Although there is weakness across the board, mainly from worsening geopolitical developments in the Middle East, the XRP uptrend remains. This will only change if there is a concerning dip below $0.55 that will likely trigger a liquidation. In that event, the uptrend will be punctured and the coin could slip towards $0.50 in retest, mirroring losses of August.

Unless there is a dip below $0.55, the uptrend remains. Accordingly, traders can consider loading the dips. As it is, XRP is down 4% in the past day but up 3% in the previous week at the back of expanding trading volume currently at over $2.8 billion on the last day.

Traders are closely watching out for the following trending news:

• Bitwise, a crypto asset manager, has reportedly filed for a spot in XRP ETF. This is massive and came after the formation of a Grayscale XRP Trust.  If this application is approved, it will be massive for XRP and trigger a bull run, further clarifying that the coin is a commodity.
• The XRP open interest is up, reaching over $1 billion—a show of interest from traders. If this increases, it could drive more liquidity to the coin.

XRP Price Analysis

XRP/USD is under pressure at spot rates.

After the dump on October 1, the local support is between $0.55 and $0.57.

If breached, the probability of XRP sliding to $0.50 will be in. Looking at the chart, this will be a bear breakout formation, especially if the drop is due to an expanding volume.

As it is, aggressive traders can choose to load the dip.

Every dip above $0.55 may be an opportunity to consider longs, targeting $0.66.

If prices recover, winding losses of the last two days, Ripple buyers might expand, breaking above July highs.