XRP Slumps 3.79% After Seoul Event and ETF Outflow

XRP has taken a 3.79% hit, trading at $1.4828, following a relatively quiet month, a small ETF outflow, and a Seoul event that failed to yield any major announcements.

The event, held on October 3, featured sessions with representatives from three Korean banks, discussing cross-border payments and tokenized deposits. However, no commitments, pilots, or partnerships involving XRP Ledger deployment were announced.

The XRP ETF saw $3.28 million in outflows the previous day, adding to the pressure. Sentiment has cooled slightly, with the Fear & Greed Index reading 67, indicating a 'Greed' sentiment, down from 72 yesterday and 74 last week.

Leveraged traders were also hit, with over $15.59 million in XRP positions liquidated over 24 hours, with longs making up about $14.93 million of that amount.

The derivatives market looks mixed, with falling open interest and options volume pointing to less short-term excitement. The long/short ratio of 0.856 shows more short positions overall, but big exchanges like Binance and OKX show ratios above 1.

XRP has been trading sideways around $1.50 for a month, trapped inside a second falling wedge on the chart. This pattern often ends with an upward breakout, but it's not a guarantee.

The setup does not rule out a move to $3, but it's a big ask. A staged climb could carry XRP toward $3 by early 2027, but several things could get in the way, including weak support, a soft crypto market, more ETF outflows, and a lack of real news.