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The XRP price dropped 3% in the last 24 hours to trade at $2.37 as of 11:20 p.m. EST on trading.
The Ripple token fell even after Cboe BZX Exchange filed 19b-4s on behalf of Bitwise, 21Shares, WisdomTree, and Canary Capital to list and trade spot XRP ETFs (exchange-traded funds).
🚨BREAKING : WisdomTree, Bitwise & 21Shares JUST filed $XRP ETFs with CBOE. pic.twitter.com/7EfxwaieT8
— Armando Pantoja (@_TallGuyTycoon) February 7, 2025
The 19b-4 filing always comes as the second part of a two-step process for proposing a crypto ETF to the US Securities and Exchange Commission (SEC).
XRP Price Aiming For A Rebound
The XRP price chart exhibits a well-defined Elliott Wave pattern, currently in its fourth wave correction. A potential fifth wave (Wave 5) is projected to follow, targeting new highs. The Ripple token price is currently testing support levels, with a possible reversal in sight.
The 50-day Simple Moving Average (SMA) at $2.62 is currently acting as dynamic resistance. The price is trading slightly below this level, indicating short-term weakness but potential for a bullish breakout if reclaimed.
Meanwhile, the 200-day SMA at $1.31 remains far below the current price, signaling an overall long-term uptrend, according to GeckoTerminal data.
The Relative Strength Index (RSI) (14) is at 36.06, which is approaching the oversold region (below 30). This indicates that XRP is near a potential reversal zone, as selling pressure might be exhausted.
Given the Elliott Wave structure and the current technical indicators, the price of XRP is likely to bounce back. The price of the Ripple token is testing the $2.30-$2.40 support zone, which could act as a strong base for the next upward move.
If XRP holds above this level and the RSI starts to recover, it could initiate Wave 5, targeting $3.50-$4.00 in the coming weeks.
However, if the XRP price breaks below $2.30, it may further correct toward $2.00 or lower, invalidating the immediate bullish outlook.
In the meantime, investors are flocking to the presale for Best Wallet (BEST), which according to ClayBro, a popular YouTuber with over 136K subscribers, is one of the best crypto wallets for 2025.
Best Wallet Presale Closes On $10 Million
The Best Wallet presale has just crossed the $9.2 million presale milestone, and it is easy to see why. With a user-friendly design, advanced features, and high staking rewards, many see the project as the future of crypto wallets.
Unlike MetaMask, which is primarily Ethereum-focused, or Trust Wallet, which is great for beginners, Best Wallet supports over 60 blockchains.
That means you can manage everything from the top altcoins to the latest up-and-coming tokens in one place.
The Fastest Growing Wallet in Crypto!
In a crowded market, Best Wallet delivers the tools you need to gain an edge. 🚀
1️⃣ Exclusive alpha on new projects.
2️⃣ Buy and claim tokens in the app.
3️⃣ Manage all your assets across multiple chains in one place.This is why the Best… pic.twitter.com/AT4yos1CmG
— Best Wallet (@BestWalletHQ) December 30, 2024
Among the many features offered, one stands out: the “Upcoming Tokens” section. This feature helps users discover promising projects that are still in the early stages.
The project’s success in identifying promising projects is clear. It’s identified early tokens including Pepe Unchained (PEPU) and Catslap (SLAP), meme coins that delivered 500% and 3,000% gains, respectively, for early investors.
Investors can also stake BEST tokens for a huge 185% annual return.
Currently, BEST tokens are priced at $0.0239. Those interested in joining the project should buy $BEST before a price hike in less than 2 days.
Purchase BEST on its official website here.
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