crypto.news
$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.
- $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 crashis 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.