XRP Major Metrics Plummet, Where Price Heading?

XRP has registered bearish numbers in the last 24 hours of trading in the cryptocurrency market. XRP’s future open interest dropped by 9.72%, with investors committing 1.47 billion XRP to the futures market.Sharp decline in XRP open interestAccording to CoinGlass data, this volume amounts to $3.80 billion. This decline in open interest aligns with a drop in the price performance of XRP within the same period.In the last 24 hours, XRP has decreased by a significant 2.92% to exchange at $2.58. The coin has witnessed fluctuations in the last seven days as it looks to reclaim previous levels. The recent dip in price comes after XRP met resistance at the $2.70 level.XRP began its downward journey in February when its price was $3.03. Within 48 hours, it crashed to $2.10 in a shocking move. The coin could not sustain its rebound to $2.77 and soon began another nosedive until it found support at $2.50.This current dip in open interest has impacted XRP’s efforts to post a rebound.Key catalyst ahead of XRPHowever, the token might recover soon. In the past 24 hours, trading volume has surged by 46.20% to $5.53 billion. This development comes as investors resume trading in the crypto market.If sustained, the current momentum might support XRP's harrowing struggle to reclaim the $3 price level.Brazil has approved the first spot XRP exchange-traded fund (ETF) in the broader ecosystem. Although the listing date has not been made public, it signals a massive win for XRP in the South American market.This is as the U.S. market awaits the Securities and Exchange Commission (SEC) to decide on the pending application of Grayscale for a spot XRP ETF. Aside from Grayscale, other asset managers applying for an ETF include 21Shares and Bitwise.