XRP's recent price movement indicates a possible re-test of lows around $1.6, despite a robust order book depth. Analysts suggest that XRP could follow bitcoin and ether in securing a spot ETF listing in the U.S., yet the options market reflects cautious sentiment. Data from Deribit shows a predominance of put options on XRP, denoting fears of price declines as traders protect against potential downturns. The options skew reveals that put options are more expensive than calls across various timeframes, showcasing ongoing bearish sentiments. The price action on Wednesday exhibited an exit from an ascending wedge pattern, reinforcing the potential for a price drop. Analysts noted XRP’s superior order book depth compared to other tokens like Solana, implying a more stable trading environment. However, these developments have not alleviated fears surrounding XRP's valuation, keeping the outlook mixed amid ETF discussions.

Source 🔗