#XRP ETF Goes Live

The price of XRP drops as volatility increases in the open interest market:
- The price of XRP dropped to $3.00 as major cryptocurrencies trimmed mid-week gains on Friday.
- The SuperTrend and RSI technical indicators indicate a continuation of the downward trend.
- The MACD indicators and Ichimoku Cloud maintain a slight bullish outlook.
Ripple currency (XRP) recorded losses on Friday, but it remains near the $3.00 level, reflecting a decline in retail traders' interest in the broader cryptocurrency market after a slight bullish trend mid-week to $3.14 due to the dovish outlook of the U.S. Federal Reserve for the fourth quarter.

The central bank pointed to the need to revive the declining labor market, expecting to lower interest rates two more times before the end of the year in addition to a 25 basis point cut on Wednesday.

This cautious gesture has revived the appetite for risk towards cryptocurrencies and other more volatile assets. However, the upward trend halted amid a sudden increase in volatility before the weekend.

- XRP price fluctuates as open interest stabilizes:
The XRP derivatives market shows a steady upward trend in open interest for futures (OI), which supports positive sentiment and may drive demand for the cross-border money transfer token.

According to CoinGlass data, the average notional value of open futures contracts reached $8.96 billion on Friday, up from $7.37 billion recorded on September 7.

Attached is a picture of open XRP futures contracts.

The upward trend in the price of OI indicates that traders are increasingly opening new short positions, with new capital flowing into the market which increases the risk of a downturn. The subsequent decline in the price of XRP suggests negative conviction and the likelihood of a continued downward trend in the short term.

- Technical forecasts: XRP faces increasing downside risks near $3.00:
The price of Ripple (XRP) has declined towards the short-term support level at $3.00 at the time of writing this report on Friday, reflecting a renewed risk-averse trend in the cryptocurrency market overall. The correction of the Relative Strength Index (RSI) to 52 after peaking at 57 on Wednesday indicates a fading bullish momentum. A continued drop into the bearish territory below the midpoint will confirm the strengthening bearish trend and increase the likelihood of Ripple's price falling below the support level at $3.00.

The SuperTrend indicator, located above the price of XRP on the daily chart, shows a sell signal, indicating that investors are reducing their exposure or focusing on increasing short positions. The SuperTrend, as a measure of market volatility, represents dynamic resistance. Therefore, the downside risks may continue as long as the SuperTrend remains above the price of XRP.

Attached is the daily chart for the XRP/USDT pair.

A drop below the short-term support level at $3.00 could shift traders' attention to the 50-day Exponential Moving Average (EMA) at $2.95 and the 100-day Exponential Moving Average at $2.83.

Nonetheless, the Moving Average Convergence Divergence (MACD) ( indicator shows a slight upward trend, maintaining a buy signal since September 8. If traders pay attention to this signal and increase their exposure, an immediate rebound from the support level of $3.00 may occur. This recovery from this point could enhance the chances for XRP to test the resistance level at $3.35, and its all-time high at $3.66.

On the same daily chart, the Ichimoku cloud is settling below the price of XRP, reflecting strong support and bullish expectations. If XRP continues to hold above the Ichimoku cloud as a dynamic support, this indicates a bullish trend structure despite the current price decline. This means that XRP's bullish potential remains intact, as the cloud suggests there is room for growth.