What’s Behind XRP Price Retreat? Assessing Some Eye-Opening Metrics
October 10 2023 - 2:03AM
NEWSBTC
XRP, along with the broader cryptocurrency market, witnessed a
significant decline in prices today, as bearish pressure gripped
the digital asset. This downward trend has raised concerns among
XRP enthusiasts and experts, who are closely analyzing the recent
price movements. Bill Morgan, a lawyer and devoted XRP
enthusiast, has drawn attention to a compelling observation that
draws parallels between the current price drop and a previous
significant event. Morgan has pointed out that the recent plummet
in XRP’s price bears an uncanny resemblance to the downward spiral
witnessed after Judge Torres issued her summary judgment ruling
back in July. It’s worth noting that XRP’s price had initially
surged to as high as $0.549 on Oct. 3, following Judge Torres’
decision to deny the appeal request my by the Securities and
Exchange Commission. XRP has now almost entirely lost the the
gains from the recent Torres decision on the SEC’s motion for an
interlocutory appeal as it previously almost entirely lost the
gains from the summary judgment decision in July
pic.twitter.com/Zloa3bcPMD — bill morgan (@Belisarius2020) October
9, 2023 Ripple, the company behind XRP, celebrated this as another
victory in their ongoing legal battle with the SEC. However, this
surge was short-lived, as profit-taking activities swiftly ensued.
Related Reading: Shiba Inu Stagnation: What’s Causing Meme Coin’s
Recent Sluggishness? XRP’s Market Snapshot Over the past six days,
XRP has experienced a series of declines, with only one day in the
green. Notably, during this turbulent period, XRP slipped below
both its 50-day and 200-day moving averages, signaling a bearish
sentiment in the market. As of the latest data from CoinGecko,
XRP’s price stands at $0.497, reflecting a 3.9% decline in the last
24 hours and a 3.1% dip over the past week. Crypto expert Benjamin
Cowen weighed in on the situation, characterizing the recent drop
in altcoin prices as a typical phase in the market cycle.
“Namely, where BTC drops, but BTC dominance goes up because
altcoins are dropping more. It is always the most brutal part of
the market cycle,” Cowen noted. This perspective underscores the
interconnectedness of the cryptocurrency market and the complex
dynamics that influence price movements. XRP market cap halfway to
the $27 billion level. Chart: TradingView.com Technical Indicators,
Potential Scenarios For XRP’s Future Furthermore, technical
indicators are hinting at the possibility of a bearish momentum
building up for XRP. The Relative Strength Index (RSI) has slipped
below the neutral line at 50.0, indicating weakening buying
pressure. Additionally, the Moving Average Convergence Divergence
(MACD) indicator, which measures momentum changes, is inching
closer to a potential bearish divergence. If the MACD line crosses
below the signal line, XRP may face further declines. In this
scenario, there’s a real possibility that XRP’s price could drop to
the September low of $0.47. Falling below this crucial level could
result in the altcoin reaching a three-month low. However, if the
broader sentiment in the market turns positive, XRP might manage to
hold the $0.505 support level. As XRP navigates these
turbulent waters, investors and enthusiasts will be closely
watching for any signs of a reversal in its fortunes and hoping for
a brighter future ahead. (This site’s content should not be
construed as investment advice. Investing involves risk. When you
invest, your capital is subject to risk). Featured image from
iStock
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