Ripple’s (XRP) Price Dump, Ethereum (ETH) Searches for Bottom, and More: Bits Recap Oct 17

At the start of the week, Ripple’s XRP attempted to recover from the major crash on October 11, but its price condition remains disappointing. Ethereum (ETH) and Solana (SOL) have also lost ground, and in the following lines, we will examine the most interesting aspects related to these three cryptocurrencies.

XRP Bleeds Out Again

It has been exactly a week since Ripple’s cross-border token crashed below $2 during the crypto market collapse. In the following days, the bulls tried to stage a comeback and pushed the price above $2.60 on October 14. Since then, though, the bears came into charge again, and as of this writing, XRP trades at around $2.21, representing a 9% drop on a daily scale and a 21% plunge weekly.

XRP Price, Source: CoinGeckoSome analysts believe the downtrend might intensify in the short term. The popular X user Lark Davis argued that XRP needs to register a weekly close above $2.80 or otherwise it risks tumbling well below $2. For their part, CRYPTOWZRD suggested that Ripple’s native token could post further losses if Bitcoin (BTC) continues to decline. Currently, the leading digital asset is hovering at approximately $105,000, or 5% drop for the day.

On the other hand, XRP perma bulls spread the news that Ripple has agreed to acquire the software company GTreasury for $1 billion. Some, like X Finance Bull, believe this could trigger a parabolic price increase for the token to $1,000 and above. Of course, a target of such magnitude seems highly improbable as of now and even impossible.

What Now for ETH?

The second-largest cryptocurrency has plummeted to nearly $3,700, a 14% crash over the past week.

The X user, Ali Martinez, warned that ETH is on the verge of a bearish Moving Average Convergence Divergence (MACD) crossover on the weekly chart, reminding that the last time this happened, the price collapsed by 43% and 61%.

Ted also chimed in, suggesting the asset will likely retest the next support region around $3,600. “For Ethereum to gain strength, it needs to reclaim $4,000 really soon,” he added.

Others believe the bull run for ETH has yet to begin. According to CryptoRover, Ethereum’s recent performance resembles Bitcoin’s from mid-2024, which later transpired into a massive rally.

What’s Happening With SOL?

The native token of Solana is also deep in red territory, crashing by 18% on a weekly scale and currently trading under $180.

Earlier this week, when the asset was worth over $200, Ali Martinez envisioned a potential rise to $260. Several hours ago, Sjuul | AltCryptoGems forecasted that “the biggest uptrend in human history” may begin if SOL breaks the resistance at $210.

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