TLDR
- XRP is currently fluctuating in the $1.46–$1.51 range, showing a modest 1–2% decline in the last 24 hours.
- Derivatives tracking reveals short positions currently exceed long positions, while funding rates remain marginally positive.
- Key support levels are located at $1.46–$1.48; resistance appears at $1.54–$1.56, with the September peak around $1.65 serving as a higher barrier.
- On October 1, Ripple unlocked 1 billion XRP tokens from its scheduled escrow release.
- The anticipated Evernorth-Armada merger and Nasdaq debut under ticker XRPN, originally scheduled for October 8, has been postponed with no revised date announced.
XRP continues to hover near the $1.50 mark as trading activity remains relatively subdued. Throughout the week, the token has oscillated within a narrow band of $1.46 to $1.51, registering a decline of approximately 1% to 2% over the trailing 24-hour period, subject to intraday variations.
According to derivatives analytics provided by CoinGlass, the current long-to-short ratio stands at 0.85. This metric indicates that traders holding short positions outnumber those with long exposure among the monitored accounts on major exchanges.
Despite the prevalence of shorts, the funding rate registered at 0.0097%, remaining in positive territory. This figure signifies that traders with long positions are compensating those holding shorts with a modest periodic fee—typically interpreted as a weak bullish indicator rather than a strong directional signal.
Exchange-traded fund activity continues to factor into the broader XRP narrative. Cumulative inflows into XRP-focused ETF products have reportedly reached $1.8 billion, with September contributing $121.4 million to that total.
On the supply side, Ripple executed its scheduled monthly escrow unlock on October 1, releasing 1 billion XRP tokens. However, this release does not automatically imply that the tokens entered circulation or were liquidated on the open market.
Technical Outlook and Key Price Levels
From a technical standpoint, XRP is finding support in the $1.46–$1.48 zone. Immediate resistance is concentrated between $1.54 and $1.56, while the September high around $1.65 represents the next significant upside target should the token break through current overhead supply.
Exponential moving averages reveal that XRP is trading above its 50-day, 100-day, and 200-day EMAs, all of which are positioned between $1.33 and $1.40. The Relative Strength Index currently hovers near 56, reflecting neutral-to-moderately bullish momentum.
Market commentator XRP Update highlighted a surge in ETF-related trading activity, noting over $30 million in daily volume with Bitwise and Franklin Templeton driving the session. The account characterized this development as evidence of expanding institutional participation in the XRP market.
In a separate analysis, the same account projected a long-term price target of $50 based on a chart pattern observed on monthly timeframes. If realized, such a move could theoretically push XRP’s market capitalization toward the $3 trillion threshold.
Evernorth Nasdaq Listing Postponed Beyond October 8
Evernorth and Armada Acquisition Corp. II had originally planned to finalize their business combination on October 7, with shares set to commence trading on Nasdaq under the ticker XRPN starting October 8. That timeline has since been pushed back.
According to the companies, the postponement stems from ongoing efforts to satisfy remaining regulatory and administrative requirements tied to the merger. As of now, neither party has announced a revised listing date.
Upon completion of the transaction, Evernorth is projected to hold approximately 473 million XRP tokens and secure roughly $300 million in cash through the SPAC structure. Based on XRP’s recent trading price of $1.51, the company’s XRP treasury would be valued at approximately $714 million.
Shares of Armada surged roughly 273% in the week leading up to the delay announcement, reflecting anticipation surrounding the merger and the associated XRP exposure.
Veteran trader Peter Brandt has identified $1.70 as a potential breakout level tied to a cup-and-handle formation on XRP’s chart. Brandt framed this as a technical setup rather than a definitive forecast.
Pivot point calculations for October 7 placed the central pivot near $1.485, with immediate support extending down to approximately $1.454.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
