XRP Price Outlook Sours as Leveraged Positions Close Ahead of Nasdaq Listing

Market OverviewThe XRP price dropped -1% overnight 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.\ \n\ \n

Technical AnalysisTechnically, 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.\ \n\n

Market SentimentThe immediate focus is on the Evernorth (XRPN) Nasdaq debut on October 12. Without bullish news, XRP succumbed to negative momentum and weakness in the broader altcoin market. Investors should watch whether the $1.37 support holds once trading for the XRPN listing begins, as a failure could trigger another drop. For holders, a failed support test can make rotation feel urgent. However, shifting from a liquid asset under macro pressure into an early-stage token changes the risk profile; it does not remove market risk. That distinction matters as XRP tests its October lows.