XRP price remained in a bear market this week despite the strong launch of the first Ripple token exchange-traded fund in the United States.
Summary
- XRP price has flashed numerous risky patterns on the daily chart.
- It has formed a death cross pattern and a series of lower lows.
- The recently launched Canary XRP ETF has attracted over $248 million in assets.
Ripple (XRP) was trading at $2.26 today, Nov. 15, down sharply from the year-to-date high of $3.6650. It has flashed several risky patterns, pointing to more downside in the near term.
XRP price technicals are flashing red
The daily timeframe chart shows that the XRP price has been in a downtrend after peaking at its all-time high of $3.6650 in August. It has formed a series of lower lows and lower highs, a sign that all rebounds are meeting substantial resistance.
Ripple price has also formed the popular death cross pattern, which is made up of a 50-day and 200-day Exponential Moving Average crossover.
There are signs that the token has formed a small head-and-shoulders pattern, another bearish reversal sign. It has also moved below the 38.2% Fibonacci Retracement and the Supertrend indicator.
Therefore, the most likely XRP price outlook is bearish, with the next target to watch being the October low of $1.7707. A move below that level will point to more downside.
The bearish Ripple forecast will become invalid if it moves above the 50-day and 200-day moving averages.
XRP ETF inflows and RLUSD assets are rising
The bearish XRP price outlook is happening despite having some bullish catalysts. One of the most notable ones is that the recently launched Canary XRP ETF has been a success. It broke the first-day trading volume of the year, with tokens worth over $58 million being traded.
The fund’s total assets now stand at over $248 million, a significant figure considering that all Solana (SOL) ETFs have $541 million in assets.
At the same time, Ripple USD (RLUSD), its stablecoin, has crossed the $1 billion market cap milestone a year after launch.
Therefore, the main reason why XRP price is struggling is that the crypto market crash is continuing. Bitcoin price has dropped below $96,000, while the market cap of all tokens has plunged by about $1 trillion to $3.24 trillion.
Cryptocurrencies are falling because of the ongoing fear that the Fed may not cut rates in the coming meeting. There are also concerns about the elevated liquidations.
XRP is also falling because the recent ETF approval was in line with expectations. As such, investors are simply selling the XRP ETF approval news.
