XRP Drops 5% to $2.47 as Bears Break Key Support Level

A recent discussion on X sparked by crypto analyst Scott Melker has brought attention to the XRP Ledger and its utility. Melker's question about the current pitch for XRP, separate from Ripple, engaged his million followers, leading to a vibrant exchange of ideas. This conversation is significant as it highlights the evolving narrative around XRP and its role in the cryptocurrency landscape, encouraging both supporters and skeptics to share their insights.

Bitcoin bulls are currently defending the $107,000 level, but there's a growing concern as net outflows from spot Bitcoin ETFs could signal a potential breakdown soon. This situation is crucial for investors as it highlights the volatility and risks associated with cryptocurrency investments, particularly in the face of changing market dynamics.

XRP's price is currently consolidating under $2.70 as investors react to ongoing regulatory discussions and new ETF developments. At $2.50, XRP has seen a slight decline of 2.1% today, but it maintains a weekly gain of 1.9%. This situation is significant as it reflects the market's cautious optimism and the potential for future price movements, especially with the buzz surrounding ETFs that could influence investor sentiment.

Despite the excitement surrounding Ripple's upcoming Swell event, XRP's price continues to decline, raising concerns among investors. The anticipation of the event has not translated into positive market sentiment, with predictions suggesting that XRP could drop to $2 soon. This situation is significant as it reflects broader market trends and investor confidence in cryptocurrency, highlighting the challenges Ripple faces in boosting its asset's value.

Canary Funds is gearing up to launch what could be the first US spot XRP ETF on November 13, pending approval from Nasdaq. This development is significant as it represents a shift in the regulatory landscape, potentially paving the way for more cryptocurrency investment options in the US. The move comes after Canary updated its S-1 filing, which accelerates the legal process and limits the SEC's control over the timing. This could be a game-changer for investors looking to enter the XRP market.

Crypto analyst XForce has made an exciting prediction that the price of XRP could soar to $10, suggesting that the bottom for this cryptocurrency has already been reached despite the overall downtrend in the crypto market. This potential rally is based on a wave 3 impulsive move, which XForce describes as a conservative target. For XRP holders, this news is significant as it indicates a possible turnaround in fortunes, making it a crucial moment to watch in the evolving landscape of cryptocurrency.

XRP's price is currently stabilizing at around $2.43, following a significant announcement from U.S. President Donald Trump about reducing tariffs on Chinese imports by approximately 10%. This decision comes after productive trade negotiations with Xi Jinping and is expected to boost global market sentiment. The reduction in tariffs not only impacts trade relations but also enhances investor confidence, which could lead to a more favorable environment for cryptocurrencies like XRP.

Canary Capital Group is making waves in the financial world with its proposed XRP spot ETF, now set to launch on November 13 after a recent update to its SEC filing. This development is significant as it could pave the way for broader acceptance of cryptocurrencies in traditional finance, attracting more investors and potentially boosting the market.

Bitcoin has recently dropped below the $110,000 mark, causing significant concern among traders and investors. This decline was triggered by the US Federal Reserve's decision to cut interest rates and signal an end to quantitative tightening, leading to a wave of panic selling. The volatility has tested investor confidence and resulted in the liquidation of leveraged positions, highlighting the ongoing uncertainty in the market. Understanding these movements is crucial for anyone involved in cryptocurrency, as they reflect broader economic trends and investor sentiment.

Australian police have successfully cracked crypto wallets, recovering over $7 million in illicit digital assets. This significant achievement highlights the ongoing efforts of law enforcement to combat cybercrime and protect the integrity of the financial system. By reclaiming these funds, authorities not only disrupt criminal activities but also send a strong message about the importance of security in the digital currency space.

A recent discussion on X sparked by crypto analyst Scott Melker has brought attention to the XRP Ledger and its utility. Melker's question about the current pitch for XRP, separate from Ripple, engaged his million followers, leading to a vibrant exchange of ideas. This conversation is significant as it highlights the evolving narrative around XRP and its role in the cryptocurrency landscape, encouraging both supporters and skeptics to share their insights.

The New Hampshire Senate has decided to stall a bill aimed at deregulating crypto mining after a split vote, reflecting growing public concern over the proposal. Lawmakers believe further study is necessary before making any changes to local controls on crypto mining. This decision is significant as it highlights the ongoing debate about the balance between technological advancement and community impact, especially in a state where crypto mining has become a contentious issue.

Historically, October has been a great month for Bitcoin, often referred to as 'Uptober' due to its consistent price surges. However, as October 2025 comes to a close, Bitcoin is currently about 4% down, breaking its seven-year streak of closing the month in profit. This shift is significant for investors and enthusiasts who rely on past trends to predict future performance, raising concerns about the stability of the cryptocurrency market.

Vineet Budki warns that Bitcoin's four-year cycle remains intact, predicting a significant 70% drop in the next market downturn. He emphasizes that many investors lack a solid understanding of Bitcoin's economic properties, which could lead to panic selling at the first signs of trouble. This insight is crucial as it highlights the volatility of cryptocurrencies and the importance of informed investing, especially in uncertain market conditions.