XRP Price Today: XRP Bounces Toward $2.40 as Bulls Defend Key $2.20 Support
XRP recovered from an early sell-off to $2.37, defending the critical $2.20 support level amid anticipation of ETF decisions and Ripple's treasury plans.Summary
The XRP price rebounded to $2.37 after dipping to $2.19, indicating that bulls successfully defended the key technical support zone around $2.20, absorbing selling pressure from institutional buyers. This defensive move occurs amid broader macroeconomic uncertainty and anticipation surrounding the SEC's decision on several spot XRP ETF filings expected between October 18 and 25. Furthermore, market sentiment is bolstered by reports that Ripple Labs plans to raise up to $1 billion to acquire XRP for its treasury, potentially acting as a supply sink. Technical indicators, such as the plunge in the Net Unrealized Profit/Loss (NUPL) metric for short-term holders and a hidden bullish divergence on the RSI, suggest a potential upside reversal. Analysts note that holding above $2.20 and breaking resistance at $2.40 could lead to a rally toward $2.70–$3.00, but a drop below $2.28 would invalidate the immediate bullish setup.
(Source：Brave New Coin)