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Ripple's recent price action shows a decline to this level! - Coin Newsletter
XRP's recent price actions point to the possibility of a retest of the lows around $1.6, despite the strong order book depth.
XRP could be the next cryptocurrency expected to enter the spot ETF list in the U.S., following the Bitcoin (BTC) and Ethereum (ETH). However, the options market on Deribit does not share this optimism.
According to Deribit's options data, the price of put options for XRP is higher over several timeframes compared to call options. This reflects ongoing concerns about potential price declines. Put options are options that are purchased to insure against price declines, usually with the expectation that the price will fall.
Negative shifts in the options trend indicate that the demand for put options is higher than that of call options. XRP's decline from a rising wedge pattern on Wednesday strengthened the possibility of the price returning to lows near $1.6**.
Recently, analysts noted that XRP has a stronger order book depth, which makes it easier to execute large orders at stable prices compared to other tokens such as Solana (SOL). This supports Ripple's view that the payment-focused cryptocurrency facilitating international transactions could become the next digital asset to receive spot ETF approval in the United States.