XRP Price Plummets Despite ETF Filings; Bears Intensify

The XRP price today has dropped by approximately 3.5% with a trading volume of $7.482 billion. This decline comes despite multiple filings for XRP Exchange-Traded Funds (ETFs) in recent weeks.

Technical indicators such as the Simple Moving Average (SMA) and the Moving Average Convergence Divergence (MACD) suggest an intensified bearish action for XRP. The SMA has been acting as a support to the XRP price chart, indicating a strong bearish trend. Meanwhile, the MACD indicator shows a constant rise in the red histogram, with its averages recording a similar price action in the daily time frame, suggesting that the fourth-largest crypto token may continue to lose value in the near future.

The current resistance and support trend levels for XRP are $2.50 and $2.00, respectively. Despite the potential for an XRP ETF approval, investors and institutions are closely monitoring the price action of the crypto token, highlighting increasing uncertainty in the market.

Over the past 24 hours, the price of XRP has dropped by 3.48% with a trading volume of $7.482 billion, a change of +1.83%. In the last seven days, the token has plunged by 24.13%, indicating increased selling pressure. With a market cap of $132.803 billion, XRP has a market dominance of 4.2106%.

If the market favors the bulls, the Ripple coin price could retest its immediate resistance level of $2.50. Maintaining the price above that level could set the stage for XRP to head toward its upper resistance level of $3.00. However, if the bears outrun the bulls, the XRP coin price may drop toward its low of $2.25. Furthermore, if the bearish sentiment intensifies, this could result in it plunging toward its crucial low of $2 in the coming time.

Several institutions have shown interest in launching XRP Spot ETFs, and the US Securities and Exchange Commission (SEC) is currently reviewing various applications. However, the present market situation and the circulating supply make it highly unlikely for XRP to achieve the $100 mark. If the market favors the bulls, the Ripple coin could