Today’s XRP price forecast signals a -1% overnight drop to $1.39, contrasting with a slightly positive broader market. This drop was primarily driven by a sell-off in leveraged derivatives positions ahead of the Evernorth Nasdaq listing scheduled for October 12.
Trading volume has dropped more than -53% in 24 hours, with transaction value now at $693M. Over the past week, XRP futures open interest fell -8.6%, suggesting traders are closing leveraged long positions.
Crypto analysts noted that forced liquidations can intensify selling pressure, creating a negative feedback loop. The market is de-risking, with speculators exiting positions ahead of anticipated near-term price increases.
While Bitcoin rose +0.5% and the total crypto market cap was mostly flat, XRP’s price kept falling. No new positive catalysts emerged over the weekend to counter the prevailing selling pressure.
XRP Price Forecast: Evernorth XRPN Nasdaq Debut Tomorrow Is the Next Big Catalyst
Without bullish news, XRP succumbed to negative momentum and weakness in the broader altcoin market. The immediate focus is on the Evernorth (XRPN) Nasdaq debut on October 12. Technically, XRP is testing support around $1.37.
If this support level holds, XRP could rebound toward the 7-day simple moving average at $1.45. However, if it breaks below $1.37, XRP could quickly fall to the next support level near $1.32.
The outlook remains bearish below $1.45, but a successful public listing could support market sentiment. Traders are watching whether the XRPN listing generates real demand for XRP or becomes a “sell the news” event.
Unwinding derivatives and a lack of immediate bullish catalysts are pushing XRP lower. Investors should watch whether the $1.37 support holds once trading for the XRPN listing begins, as a failure could trigger another drop.
