{"id":554754,"date":"2023-10-10T07:03:59","date_gmt":"2023-10-10T07:03:59","guid":{"rendered":"https:\/\/uniquehot.com\/?p=554754"},"modified":"2023-10-10T07:03:59","modified_gmt":"2023-10-10T07:03:59","slug":"whats-behind-xrp-price-retreat-assessing-some-eye-opening-metrics","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/whats-behind-xrp-price-retreat-assessing-some-eye-opening-metrics\/","title":{"rendered":"What’s Behind XRP Price Retreat? Assessing Some Eye-Opening Metrics"},"content":{"rendered":"

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.\u00a0<\/span><\/p>\n

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.<\/span><\/p>\n

Morgan has <\/span>pointed out<\/span><\/a> 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.\u00a0<\/span><\/p>\n

\n

XRP has now almost entirely lost the the gains from the recent Torres decision on the SEC\u2019s motion for an interlocutory appeal as it previously almost entirely lost the gains from the summary judgment decision in July pic.twitter.com\/Zloa3bcPMD<\/a><\/p>\n

\u2014 bill morgan (@Belisarius2020) October 9, 2023<\/a><\/p><\/blockquote>\n

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.<\/span><\/p>\n

Related Reading: Shiba Inu Stagnation: What\u2019s Causing Meme Coin\u2019s Recent Sluggishness?<\/a><\/div>\n

XRP\u2019s Market Snapshot<\/strong><\/h2>\n

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 <\/span>CoinGecko<\/span><\/a>, 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.<\/span><\/p>\n

Crypto expert Benjamin Cowen weighed in on the situation, characterizing the recent drop in altcoin prices as a typical phase in the market cycle.\u00a0<\/span><\/p>\n

“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,” <\/span>Cowen noted<\/span><\/a>. This perspective underscores the interconnectedness of the cryptocurrency market and the complex dynamics that influence price movements.<\/span><\/p>\n

<\/p>\n

XRP market cap halfway to the $27 billion level. Chart: TradingView.com<\/a><\/pre>\n
Technical Indicators, Potential Scenarios For XRP’s Future<\/strong><\/h2>\n
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. <\/span><\/p>\n
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.<\/span><\/p>\n
In this scenario, there’s a real possibility that <\/span>XRP’s price<\/span><\/a> 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.\u00a0<\/span><\/p>\n
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.<\/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 iStock<\/span><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
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.\u00a0 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.\u00a0 XRP has now almost entirely lost the the gains from the recent Torres decision on the SEC\u2019s motion for an interlocutory appeal as it previously almost entirely lost the gains from the summary judgment decision in July pic.twitter.com\/Zloa3bcPMD \u2014 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\u2019s Causing Meme Coin\u2019s Recent Sluggishness? XRP\u2019s 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.\u00a0 “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.\u00a0 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<\/p>\n","protected":false},"author":557,"featured_media":554761,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,89607,1144,8686,4735,3685,4531],"class_list":["post-554754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-benjamin-cowel","tag-btcusd","tag-ethusd","tag-price-action","tag-ripple-labs","tag-xrp"],"acf":[],"yoast_head":"\nWhat's Behind XRP Retreat? Some Eye-Opening Metrics<\/title>\n<meta name=\"description\" content=\"XRP, along with the broader cryptocurrency market, witnessed a significant decline in prices today, as bearish pressure gripped the digital asset. 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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":"What’s Behind XRP Price Retreat? 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