The crypto market wiped out over $60 billion in an hour on Wednesday, causing Ripple’s native token XRP to fall to $2.85. This is the second time in October that the leading altcoin climbed above $3 and fell to the $2.80 level. Bitcoin, which reached a new all-time high of $126,080 on Monday, dipped to the $120,000 level due to market volatility.
XRP is mostly trading sideways in October with little to no price action in the charts, as the crypto market is on a slippery slope. It has surged by only 1.5% in the last two weeks and is attracting minimal buying pressure. Its 24-hour trading volume has reached $7.1 billion, down $1.4 billion since the start of the month.
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Crypto Market Dip: What Next For XRP?
The crypto market dip could be an opportunity to accumulate XRP at lower prices. The altcoin has fallen to $2.80 level thrice in a month but rebounded to $3. The cycle could be repeated this season, allowing swing traders to make profits.
If Bitcoin reclaims the $125,000 range, XRP and the broader crypto market could move in tandem with its price rise. Chances of the Ripple’s native token going above $3 are high as it reclaimed the range thrice since September. In addition, retail investors and institutional clients are eyeing XRP for better returns.
Also Read: XRP Coin Price: The Ultimate Q4 Price Prediction
In addition, the crypto market is awaiting the SEC’s approval for XRP ETFs. The SEC delayed the approval to November, and all eyes are on the development. If the SEC approves the XRP ETF, an influx of funds would enter the altcoin from institutional clients.
Bitcoin was the first to gain this status when its price was around $60,000. After the SEC approved the Bitcoin ETFs, BTC skyrocketed above the $100,000 mark. Therefore, the crypto market could benefit if the XRP ETF is approved next month.