XRP Price Faces Bearish Breakout Despite ETF Filing Progress

XRP Price Poised for Drop Below Key Support Despite ETF Filing Progress

The US Securities and Exchange Commission (SEC) has acknowledged several XRP exchange-traded fund (ETF) filings in recent weeks, including those from Bitwise, Grayscale, and CBOE. However, despite this regulatory progress, XRP's price reaction has been muted, continuing its downward trajectory.

XRP's performance remains lackluster, trading near the lower trend line of its symmetrical triangle pattern. This pattern, formed after XRP reached an all-time high of $3.39 on January 16, indicates a period of consolidation and decreasing volatility. However, climbing selling pressure has pushed XRP near the lower trend line, hinting at a potential bearish breakout if the support level fails to hold.

Moreover, XRP trades below its 20-day exponential moving average (EMA), confirming this bearish outlook. The Super Trend indicator also forms dynamic resistance above XRP's price, signaling a bearish trend and suggesting further downside movement may follow.

If selloffs continue, XRP's price could break below the lower trend line of its symmetrical triangle pattern, plummeting toward $2.24. Conversely, a positive shift in market sentiment could invalidate this bearish projection, with XRP's price rallying above the upper line of its symmetrical triangle pattern and attempting to breach the dynamic resistance.