{"id":551082,"date":"2023-09-13T07:00:29","date_gmt":"2023-09-13T07:00:29","guid":{"rendered":"https:\/\/uniquehot.com\/?p=551082"},"modified":"2024-06-11T14:29:12","modified_gmt":"2024-06-11T14:29:12","slug":"beyond-xrp-0-5-resistance-bulls-next-steps","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/beyond-xrp-0-5-resistance-bulls-next-steps\/","title":{"rendered":"Beyond XRP Euphoria And $0.5 Resistance: Bulls’ Next Steps"},"content":{"rendered":"

XRP, the cryptocurrency associated with the Ripple platform, has experienced a tumultuous ride in recent weeks. The price action of XRP showed that the bears were firmly in control, extinguishing the brief euphoria that followed Ripple’s legal triumph over the United States Securities and Exchange Commission.\u00a0<\/span><\/p>\n

At the pinnacle of Ripple’s legal victory, XRP surged above the $0.80 mark, a level unseen since April 2022. However, this jubilation was short-lived. The excitement fizzled out as XRP’s value nosedived, erasing its gains and plunging it back into bearish territory. The abrupt reversal raised questions about the sustainability of the crypto’s upward trajectory.<\/span><\/p>\n

Investors, once filled with hope, are now left wondering about the future of this once-promising token.<\/span><\/p>\n

Related Reading: Chainlink (LINK) Bullish Run Falters: Time To Brace For A Price Dip?<\/a><\/div>\n

XRP Market Insights Paint A Grim Picture<\/strong><\/h2>\n

Popular crypto trader Benjamin Cowen <\/span>pointed out on X<\/span><\/a> that \u201cXRP has retraced the entirety of the move that came after the SEC vs. Ripple case.” This statement underscores the market’s sentiment, suggesting that the legal triumph’s positive impact on XRP’s price was only temporary.<\/span><\/p>\n

\n

$XRP<\/a> has retraced the entirety of the move that came after the SEC vs. Ripple case.<\/p>\n

Narratives do not drive the market, liquidity does. pic.twitter.com\/8295jFRdHB<\/a><\/p>\n

\u2014 Benjamin Cowen (@intocryptoverse) September 11, 2023<\/a><\/p><\/blockquote>\n

As of now, XRP’s price hovers at $0.480443, according to <\/span>CoinGecko<\/span><\/a>, with a modest 2.0% gain over the past 24 hours. However, a more concerning statistic is the seven-day dip, which stands at nearly 5%. This decline reflects the current bearish sentiment surrounding the digital asset.<\/span><\/p>\n

Since early August, the 1-day chart for XRP has displayed a bearish market trend and a downward movement. Since bulls failed to break through last week’s $0.5 resistance, a revisit of that level could be a good opportunity for short sellers.<\/p>\n

Selling Pressure Evident\u00a0<\/strong><\/h2>\n

A closer look at <\/span>XRP’s on-chain metrics<\/span><\/a> reveals that the selling pressure has been palpable. The On-Balance Volume (OBV), an indicator that tracks buying and selling volumes, has been in a downtrend alongside the price over the past month.\u00a0<\/span><\/p>\n

<\/p>\n

XRP market cap currently at $25 billion. Chart: TradingView.com<\/a><\/pre>\n

This suggests that sellers have been dominant in the market, while buyers have struggled to exert influence, especially in higher timeframes. This scenario further confirms the bearish grip on XRP.<\/span><\/p>\n

Another metric worth noting is the mean coin age, which measures the average age of coins being transacted on the network. The metric experienced a sharp decline on August 30 and September 1 but has since started to climb higher. <\/span><\/p>\n

Related Reading: Filecoin Uphill Battle To $3.5 \u2013 What\u2019s Holding It Back?<\/a><\/div>\n

While this may indicate network-wide accumulation, it does not guarantee an immediate uptrend. Investors must remain cautious and observant in the face of uncertain market conditions.<\/span><\/p>\n

The recent <\/span>price action of XRP<\/span><\/a> has cast a shadow on the crypto’s prospects. Despite the initial excitement surrounding Ripple’s legal victory, the bears have reclaimed control, driving XRP’s value downward. With key metrics reflecting selling pressure and uncertainty in the market, XRP’s future remains uncertain, leaving investors to ponder their next moves in this volatile landscape.<\/span><\/p>\n

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).<\/em><\/p>\n

Featured image from <\/span>The Change Management Blog<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

XRP, the cryptocurrency associated with the Ripple platform, has experienced a tumultuous ride in recent weeks. The price action of XRP showed that the bears were firmly in control, extinguishing the brief euphoria that followed Ripple’s legal triumph over the United States Securities and Exchange Commission.\u00a0 At the pinnacle of Ripple’s legal victory, XRP surged above the $0.80 mark, a level unseen since April 2022. However, this jubilation was short-lived. The excitement fizzled out as XRP’s value nosedived, erasing its gains and plunging it back into bearish territory. The abrupt reversal raised questions about the sustainability of the crypto’s upward trajectory. Investors, once filled with hope, are now left wondering about the future of this once-promising token. Related Reading: Chainlink (LINK) Bullish Run Falters: Time To Brace For A Price Dip? XRP Market Insights Paint A Grim Picture Popular crypto trader Benjamin Cowen pointed out on X that \u201cXRP has retraced the entirety of the move that came after the SEC vs. Ripple case.” This statement underscores the market’s sentiment, suggesting that the legal triumph’s positive impact on XRP’s price was only temporary. $XRP has retraced the entirety of the move that came after the SEC vs. Ripple case. Narratives do not drive the market, liquidity does. pic.twitter.com\/8295jFRdHB \u2014 Benjamin Cowen (@intocryptoverse) September 11, 2023 As of now, XRP’s price hovers at $0.480443, according to CoinGecko, with a modest 2.0% gain over the past 24 hours. However, a more concerning statistic is the seven-day dip, which stands at nearly 5%. This decline reflects the current bearish sentiment surrounding the digital asset. Since early August, the 1-day chart for XRP has displayed a bearish market trend and a downward movement. Since bulls failed to break through last week’s $0.5 resistance, a revisit of that level could be a good opportunity for short sellers. Selling Pressure Evident\u00a0 A closer look at XRP’s on-chain metrics reveals that the selling pressure has been palpable. The On-Balance Volume (OBV), an indicator that tracks buying and selling volumes, has been in a downtrend alongside the price over the past month.\u00a0 XRP market cap currently at $25 billion. Chart: TradingView.com This suggests that sellers have been dominant in the market, while buyers have struggled to exert influence, especially in higher timeframes. This scenario further confirms the bearish grip on XRP. Another metric worth noting is the mean coin age, which measures the average age of coins being transacted on the network. The metric experienced a sharp decline on August 30 and September 1 but has since started to climb higher. Related Reading: Filecoin Uphill Battle To $3.5 \u2013 What\u2019s Holding It Back? While this may indicate network-wide accumulation, it does not guarantee an immediate uptrend. Investors must remain cautious and observant in the face of uncertain market conditions. The recent price action of XRP has cast a shadow on the crypto’s prospects. Despite the initial excitement surrounding Ripple’s legal victory, the bears have reclaimed control, driving XRP’s value downward. With key metrics reflecting selling pressure and uncertainty in the market, XRP’s future remains uncertain, leaving investors to ponder their next moves in this volatile landscape. (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 The Change Management Blog<\/p>\n","protected":false},"author":557,"featured_media":551087,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1,3],"tags":[142,1144,8686,4735,3680,4531],"class_list":["post-551082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","category-news","tag-altcoins","tag-btcusd","tag-ethusd","tag-price-action","tag-ripple","tag-xrp"],"acf":[],"yoast_head":"\nBeyond XRP $0.5 Resistance: Bulls' Next Steps<\/title>\n<meta name=\"description\" content=\"XRP, the cryptocurrency associated with the Ripple platform, has experienced a tumultuous ride in recent weeks. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Beyond XRP Euphoria And $0.5 Resistance: Bulls’ Next Steps","url":"http:\/\/uniquehot.com\/news\/beyond-xrp-0-5-resistance-bulls-next-steps\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/beyond-xrp-0-5-resistance-bulls-next-steps\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/a-46.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/a-46.png?fit=662%2C318"},"articleSection":"All","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","btcusd","ethusd","price action","ripple","xrp"],"dateCreated":"2023-09-13T07:00:29Z","datePublished":"2023-09-13T07:00:29Z","dateModified":"2024-06-11T14:29:12Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Beyond XRP Euphoria And $0.5 Resistance: Bulls’ Next Steps\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/beyond-xrp-0-5-resistance-bulls-next-steps\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/beyond-xrp-0-5-resistance-bulls-next-steps\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-46.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/09\\\/a-46.png?fit=662%2C318\"},\"articleSection\":\"All\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"btcusd\",\"ethusd\",\"price action\",\"ripple\",\"xrp\"],\"dateCreated\":\"2023-09-13T07:00:29Z\",\"datePublished\":\"2023-09-13T07:00:29Z\",\"dateModified\":\"2024-06-11T14:29:12Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/09\/a-46.png?fit=662%2C318","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/551082","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=551082"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/551082\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/551087"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=551082"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=551082"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=551082"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}