The price of XRP is the current topic of debate within the cryptocurrency sector. The juxtaposition is evident, as XRP ETFs continue to attract new inflows, but their impact on the asset’s price is currently quite mellow. Furthermore, one leading analyst now expects XRP to hit as low as $1.64 before ascending back to reclaim its former status and glory.
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XRP Plunges Below $2: Should Investors Worry?
The cryptocurrency market is witnessing sharp pangs of fluctuations, with XRP hitting a new low of $1.89 at press time. The token managed to scale past $3 this year but is now down significantly from its earlier ATH, nearly plunging 16% in the last month. In the middle of this, Casi Trades, a leading analyst on X, has shared a compelling new insight, stating how XRP has now entered the “pink scenario.”
Casi Trades was quick to add more details, sharing how XRP is now poised to hit one final low phase, hitting as low as $1.64 in a new development. This plunge may help XRP hit the .618 support level, which may further assist the token to resume its upwards trajectory. The expert later shared how she expects the XRP price to rebound by December 19, exploring $2 to $3 in a new development.
Over the weekend, XRP failed to reclaim $2.00 as support, which means the pink scenario is now confirmed.
“📉We’re in subwave Wave 3 down, with momentum and RSI making new extremes. The next key levels to watch are $1.73 for potential short-term relief and $1.64, the macro .618 support, as the likely final low of this correction. There’s a chance price reaches $1.64 directly in this wave 3 move without a relief first. If that happens, we wouldn’t need a second test of the area as support. I expect a strong bounce from $1.64 that would likely open the door for a powerful move back above $2.41–$3.00 and beyond! I am expecting this to play out by Friday, Dec. 19, major time fib landing there.”
XRP’s Institutional Demand Is on a Constant Rise
With XRP price showing a volatile stance, the XRP ETFs, on the other hand, continue to deliver stellar price performance.
Per Bitcoin Consensus, US spot XRP ETFs have recorded 30 straight days of inflows, with net inflows capped at $990M, with total net assets hitting $1.18B. If the asset continues to encounter steady inflows like this, then the price of XRP may eventually heal, ascending to better highs.
“🚨 BIG: XRP ETFs Dominate While BTC & ETH Bleed 💥 U.S. spot XRP ETFs have now recorded 30 straight days of inflows since launch. Net inflows: ~$990.9M. Total net assets: ~$1.18B. Even as $BTC and $ETH ETFs continue to struggle with outflows 📈. Institutional demand for XRP is heating up fast. 🔥
Also Read: XRP Falls Below $2 Amid Strong ETF Inflows: Rebound Coming?