{"id":553801,"date":"2023-10-02T16:50:37","date_gmt":"2023-10-02T16:50:37","guid":{"rendered":"https:\/\/uniquehot.com\/?p=553801"},"modified":"2024-06-11T08:00:32","modified_gmt":"2024-06-11T08:00:32","slug":"xrp-price-bloodbath-in-the-horizon-report-casts-doubt-on-recent-rally","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ripple\/xrp-price-bloodbath-in-the-horizon-report-casts-doubt-on-recent-rally\/","title":{"rendered":"XRP Price Bloodbath On The Horizon? Report Casts Doubt On Recent Rally"},"content":{"rendered":"

Over a billion dollars in liquidations sent the XRP price and the crypto market back from the dead and into local highs. However, new data suggests the rally might be short, pushing down the nascent sector into critical support. <\/strong><\/p>\n

Related Reading: Tellor (TRB) Is Up 640% In 2023, Back To 2021 Highs Ahead of Bitcoin, XRP?<\/a><\/div>\n

As of this writing, the XRP price trades at $0.5 with a 4% profit in the last week. The cryptocurrency rallied in the previous 24 hours but has been retracing its steps over the past few hours, hinting at potential losses unless buyers step in and defend these levels.<\/p>\n

\"XRP
XRP’s price trends to the upside on the 4-hour chart. Source: XRPUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

XRP Price Braces For Impact?<\/h2>\n

According to the trading desk QCP Capital, the current rally in the crypto market coincides with seasonality<\/a>. In the nascent sector, October is known as \u201cUptober\u201d because major cryptocurrencies, including the XRP price, trend to the upside.<\/p>\n

In the past years, every Bitcoin, Ethereum, and XRP price rally began in October, making it the best month for the market, as seen in the chart below. However, the trading desk warned its followers on social media X about a potential reverse that could have negative effects on cryptocurrencies:<\/p>\n

However, we are not fully convinced by this move, and we think that BTC might test super key 25k support sometime in the final quarter of 2023 (\u2026) This aggressive bounce has been due almost entirely to exogenous factors thus far and might not have the momentum to sustain.<\/p><\/blockquote>\n

\"XRP
Crypto seasonality points to positive price action for October. Source: QCP Capital on X<\/figcaption><\/figure>\n

The trading desk believes these factors may lack the power to sustain the current price action. In addition, the narrative around approving an Ethereum future Exchange Traded Fund (ETF) in the US could set the stage for a bloodbath.<\/p>\n

Two years ago, when the price of Bitcoin reached its all-time high of $69,000, the Securities and Exchange Commission (SEC) approved a BTC futures ETF. This event marked the crypto market’s top, making the current ETH future ETF an ominous event for XRP and the altcoin market.<\/p>\n

QCP Capital claims that the newly approved financial asset could increase selling pressure in the sector due to adding \u201csynthetic coins\u201d to the market. In other words, the ETH futures ETF creates a disbalance between the supply and demand forces in the sector. The firm added:<\/p>\n

We would even go further to say a futures-only ETF is arguably detrimental to spot price – as it potentially directs demand away from the spot market into a synthetic market.<\/p><\/blockquote>\n

Good News In The Short Term For XRP<\/h2>\n

The XRP price could benefit from the US government shutdown in the macro arena. The analysis shows that in the past 30 years, each US government shutdown preceded a bull run for the financial market. This is the only positive news for the cryptocurrency in the medium term.<\/p>\n

Related Reading: Ripple CTO Addresses Bitcoin Adviser\u2019s Claims That XRP Is Centralized<\/a><\/div>\n

In the short term, XRP still has a chance to run back above $0.6; as for Bitcoin<\/a>, the trading firm expects the $29,000 to $30,000 resistance to remain intact.<\/p>\n

Cover image from Unsplash, chart from QCP Capital and Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

Over a billion dollars in liquidations sent the XRP price and the crypto market back from the dead and into local highs. However, new data suggests the rally might be short, pushing down the nascent sector into critical support. Related Reading: Tellor (TRB) Is Up 640% In 2023, Back To 2021 Highs Ahead of Bitcoin, XRP? As of this writing, the XRP price trades at $0.5 with a 4% profit in the last week. The cryptocurrency rallied in the previous 24 hours but has been retracing its steps over the past few hours, hinting at potential losses unless buyers step in and defend these levels. XRP Price Braces For Impact? According to the trading desk QCP Capital, the current rally in the crypto market coincides with seasonality. In the nascent sector, October is known as \u201cUptober\u201d because major cryptocurrencies, including the XRP price, trend to the upside. In the past years, every Bitcoin, Ethereum, and XRP price rally began in October, making it the best month for the market, as seen in the chart below. However, the trading desk warned its followers on social media X about a potential reverse that could have negative effects on cryptocurrencies: However, we are not fully convinced by this move, and we think that BTC might test super key 25k support sometime in the final quarter of 2023 (\u2026) This aggressive bounce has been due almost entirely to exogenous factors thus far and might not have the momentum to sustain. The trading desk believes these factors may lack the power to sustain the current price action. In addition, the narrative around approving an Ethereum future Exchange Traded Fund (ETF) in the US could set the stage for a bloodbath. Two years ago, when the price of Bitcoin reached its all-time high of $69,000, the Securities and Exchange Commission (SEC) approved a BTC futures ETF. This event marked the crypto market’s top, making the current ETH future ETF an ominous event for XRP and the altcoin market. QCP Capital claims that the newly approved financial asset could increase selling pressure in the sector due to adding \u201csynthetic coins\u201d to the market. In other words, the ETH futures ETF creates a disbalance between the supply and demand forces in the sector. The firm added: We would even go further to say a futures-only ETF is arguably detrimental to spot price – as it potentially directs demand away from the spot market into a synthetic market. Good News In The Short Term For XRP The XRP price could benefit from the US government shutdown in the macro arena. The analysis shows that in the past 30 years, each US government shutdown preceded a bull run for the financial market. This is the only positive news for the cryptocurrency in the medium term. Related Reading: Ripple CTO Addresses Bitcoin Adviser\u2019s Claims That XRP Is Centralized In the short term, XRP still has a chance to run back above $0.6; as for Bitcoin, the trading firm expects the $29,000 to $30,000 resistance to remain intact. Cover image from Unsplash, chart from QCP Capital and Tradingview<\/p>\n","protected":false},"author":535,"featured_media":553802,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16894],"tags":[134,4531,15883,15621,15622,78763],"class_list":["post-553801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripple","tag-altcoin","tag-xrp","tag-xrp-price-analysis","tag-xrp-price-chart","tag-xrp-price-forecast","tag-xrpusdt"],"acf":[],"yoast_head":"\nXRP Price Bloodbath On The Horizon? 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Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/uniquehot.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"XRP Price Bloodbath On The Horizon? 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