In the past 24 hours, XRP’s value has plunged by roughly 4%, settling between $3.14 and $3.15, following a decline from the previous week’s $3.5 level. A notable development negatively impacting market sentiment is BlackRock’s announcement that there are no pending plans for a spot ETF (Exchange-Traded Fund) for XRP. This decision has prompted investors to question the “buying the dip” strategy.
XRP’s Price Drop Decoded
The renowned analyst, CrediBULL Crypto, has pointed out that the recent weekly decline of up to 10% has retraced back to the initial long position he previously shared, offering what he considers an ideal entry opportunity. According to him, should the current support zone hold, XRP’s price might rally towards the upper end of its range or potentially reach a new peak. Despite possible short-term volatility, the analyst maintains that the area remains attractive for purchase.
Another expert, Ali Martinez, highlighted technical thresholds it needs to surpass. Martinez believes that crossing the $3.27 mark could pave the way towards a $3.60 target. Moreover, he reminded that breaking the multiple triangle formation in November 2024 might set the stage for a medium-to-long-term surge towards $12.60.
On the blockchain front, interest from wealthy investors, or ‘whales,’ remains steady, as observed with an accumulation of 900 million XRP over the short term. This whale-driven activity suggests that despite the prevailing selling pressure, demand has not diminished entirely.
Current Status on Potential Spot XRP ETF Approval
Though the SEC officially closed its lawsuit against Ripple 
$1 last week, raising speculation regarding a spot ETF approval, expectations were tempered by BlackRock’s declaration of no intended XRP ETF plans. Currently, the probability of approval as projected by the market forecasting platform Polymarket has fluctuated between 75% and 90% over the past week, now sitting at 81%. While this approval rate indicates that hopes haven’t completely faded, it also highlights prevailing uncertainties.
Steven McClurg, CEO of Canary Capital, expressed in an interview with Paul Barron his belief that a potential XRP ETF could outperform its Ethereum 
$2,266 counterparts. He cited yield structure, market positioning, and community strength as reasons for his conviction. Additionally, McClurg noted that Ethereum’s staking feature might limit its ETF performance. Currently, it appears that XRP remains sensitive to ETF-related news and technical thresholds in the short term.
