Ripple Labs-backed XRP dropped as much as 6% on Friday during the mid North American session to hit a range low of about $2.77. The large-cap altcoin, with a fully diluted valuation of about $281.6 billion, dropped in tandem with the wider crypto market led by Bitcoin (BTC) and Ethereum (ETH).
As a result of the sudden XRP price drop today, around $22.7 million was liquidated from leveraged traders, with the majority involving long positions.
Since the official closure of the Ripple vs SEC case, institutional investors have proliferated into the XRP market. Earlier on Friday, Amplify, an asset manager with over $12 billion in assets under management, filed with the United States Securities and Exchange Commission (SEC) to offer an XRP option income ETF.
According to the SEC filing, the fund will invest at least 80% of its capital in financial instruments exposed to XRP. The fund manager plans to list the shares of its XRP option income ETF on the Cboe BZX exchange. Amplify joins a growing list of fund managers seeking to offer spot XRP ETFs in the United States.
The XRP market has dumped alongside the wider crypto market even after CME Group reported earlier this week a significant demand in its XRP futures. Worth noting that the XRP futures on CME were the fastest of the kind to cross $1 billion in just over three months.
According to Peter Brandt, a highly experienced futures market trader, the XRP price has lost crucial support levels, which could lead to further correction in the near term. According to his analysis, XRP price could drop as much as $2.39 if the support level around $2.78 is lost in the coming days.
The midterm bearish sentiment for XRP will, however, be invalidated if the asset consistently closes above an established falling logarithmic trend in the daily timeframe. Additionally, XRP price needs to regain the 50-day Moving Average Simple (SMA) as a support level.
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