Ripple Labs’ XRP witnessed a sharp decline on Friday, dropping as much as 6% to around $2.77 in the North American trading session. The move coincided with a broader market downturn that saw Bitcoin and Ethereum also fall significantly. This price drop triggered substantial liquidation of leveraged positions, primarily involving long positions, worth approximately $22.7 million. 📈 📉 💰 The recent influx of institutional investors into the XRP market, fueled by the official closure of the Ripple vs SEC case, has been significant. Amplify, a prominent asset manager with over $12 billion in assets under management, filed an XRP option income ETF with the US Securities and Exchange Commission (SEC). This fund is set to invest at least 80% of its capital in XRP-related financial instruments, aiming for listing on the Cboe BZX exchange. The trend continued even as CME Group reported robust demand for XRP futures earlier this week. Notably, XRP futures saw a remarkable surge, exceeding $1 billion within just three months – one of the fastest recorded growth rates. 📈 💼 💰 ⏰ While institutional investors have entered the market with renewed optimism, some experts believe the current price drop signals potential future decline. Peter Brandt, an experienced trader, has observed a loss of crucial support levels for XRP, which could lead to further correction in the near term. His analysis predicts a potential price drop to $2.39 if the support level around $2.78 is broken. 📉 While market sentiment remains bearish, there’s optimism regarding the potential for sustained upwards movement if certain technical factors hold true. For example, the XRP price needs to continue closing above an established falling logarithmic trend in the daily timeframe and regain the 50-day Moving Average Simple (SMA) as a support level.