XRP Price Plummets Below $1, But Whales and ETFs Hint at Bullish Turnaround

XRP's price recently plummeted to below $1, displaying bearish technical indicators and increasing speculative risk due to open interest reaching $435 million. However, large long positions from whales and retail traders, combined with a surge in network activity and institutional investment from Cetera Investment Advisers, suggest growing bullish conviction.

ETF inflows have also contributed to demand despite the weak price action. If these trends continue, XRP may enter an accumulation phase with a potential price target of $1.15 in Q3, potentially challenging the current bearish outlook.