Ripple News: How Low Can XRP Price Drop This Month?
The post Ripple News: How Low Can XRP Price Drop This Month? appeared first on Coinpedia Fintech News
The XRP market is buzzing with predictions, and everyone has their share of versions to convince naive investors. Recently, XRP slipped beneath the $0.49 mark for the second time this month, hitting a one-month low amidst a generally bearish market and heightened selling pressure.
The air above XRP’s current state stems from its bearish trend since it surged 5.21% on Oct. 3, following the latest ruling in the Ripple case. That day, Judge Analisa Torres denied the SEC’s motion for an interlocutory appeal on aspects of the July 13 ruling they lost.
Analyst Reviews XRP’s Bear Trapped Prices
Shedding some light into the scenario, Bill Morgan, a prominent pro-XRP lawyer, drew attention to this escalating bearish trend on Oct. 9. At that time, XRP was still holding above $0.50, but a gradual decline was evident.
Since the increase on Oct. 3, XRP has seen seven losses out of eight days, marking a decline of over 9.7%. XRP is trading at $0.4898, reflecting a 1.45% drop over the past 24 hours. The 24-hour trade volume has fallen by 29.28%, indicating reduced interest among traders.
Understanding the XRP Decline
Since many are betting on XRP to reach a new ATH anytime soon, this bearish outlook catches everyone’s attention. So what’s pulling the 5th largest crypto asset? Firstly, a broader bearish sentiment has impacted the entire crypto market. Significant crypto assets like Bitcoin and Ethereum have suffered losses over the past week due to decreased buying pressure.
The global crypto market cap reached a two-month high on Oct. 2 and has since dropped by $70 billion, representing a 6.25% decline in just one week. These declines have had a spill-over effect, affecting assets like XRP.
Next up is the Israel-Palestine situation, which has also played a role in driving investors away from riskier assets like cryptocurrencies. Heightened tensions have led market participants to consider potential economic repercussions, prompting a move away from risk assets to hedge against potential crashes.
Finally, significant movements of funds by large holders to exchanges, including a transfer of 61 million XRP to Bitstamp, have raised concerns about further selloffs. Ripple moved 60 million XRP recently, contributing to the downward pressure on XRP’s price.
What’s Next in XRP Price?
In the coming days, all eyes are on XRP as it teeters on a retest of the 0.45 mark, igniting excitement about a potential visit to the pivotal support at 0.41. The Ripple community braces for an exciting few weeks ahead, poised for whatever twists and turns may come its way!
