Altcoins
XRP Price Plunges Over 18% in a Week as Bearish Sentiment Dominates Crypto Markets
XRP price has been in the red for the past few days against the backdrop of the global cryptocurrency market turmoil. XRP has crashed by nearly 19% over the past week and 29.50% in the month to date. Even so, the altcoin remains 52.49% higher in the year to date. The asset’s total market capitalization has crashed over the past few days to $27 billion, with the total volume of XRP traded over the last 24 hours falling by more than 24%.
Crypto Selloff
XRP price has been in a steep decline over the past few weeks after jumping to its highest level since April 2022 in July. Ripple, the cryptocurrency company behind XRP, recorded a landmark court win against the US Securities and Exchange Commission earlier in July after 3 years of struggle. The judge presiding over the case ruled that XRP was considered a security when solely sold to institutional investors. The ruling by the federal judge saw the XRP price skyrocket by nearly 80% to $0.9380. Even so, the ripple effect from the court win did not last long enough to sustain the XRP price, prompting a 39% decline since.
The cryptocurrency market has been in jitters over the past few weeks amid the decline in market sentiment and global economic uncertainty. The global cryptocurrency market cap has plunged to $1.05 trillion, while the total crypto market volume continues to increase. Last week, Bitcoin, the world’s largest cryptocurrency, posted its worst week since May, weakening the crypto market sentiment. The crypto bigwig has lost more than 11% in the past week following a report by the Wall Street Journal that Space X wrote down the value of its Bitcoin holdings and sold the cryptocurrency.
Most altcoins, including Ethereum, the largest altcoin by market cap, have been making bigger moves to the downside since then. Other altcoins such as Solana, Polygon, Cardano, Polkadot, Dogecoin, BNB, Litecoin, and Shiba Inu, among others, have shed more than 10% in value over the past week.
The Crypto Fear and Greed Index, which measures the key emotions driving the cryptocurrency market, has declined further over the same period. The current reading on the Index is 34, which means that investors are in extreme fear and are selling irrationally.
The crypto market selloff has also been intricately linked to external pressure in China. Asia has always played a big role in the cryptocurrency market, especially with Singapore and Hong Kong opening the door. However, with the global economic downturn, a bull market is unlikely.
XRP Price Technical Analysis
The daily chart shows that the XRP price has been in a steep downfall for the past few weeks, forming a descending channel shown in yellow. The digital asset has moved below the 50-day and 200-day exponential moving averages and hovers slightly below the crucial support level of $0.5290. Its Relative Strength Index (RSI) is below the signal line at 31, indicating an increase in selling pressure.
Therefore, I expect the XRP price to continue falling in the short term before an upward price reversal. The next support levels to watch will be $0.500 and $0.4545. However, a flip above the 200-day EMA at $0.5250 might give bulls some momentum to push the price higher to the 50-day EMA at $0.6020.
XRP Price Chart
Cardano price has been on a steep downward trajectory for the past few weeks on the back of a dull market and global macroeconomic concerns. The altcoin is down by nearly 6% in the month to date and more than 3% in the past week. Additionally, ADA price has shed more than 30% in the past six months, with its year-to-date price remaining in the red. Cardano’s total market cap has shrunk by more than 1% over the last day to $8.6 billion, while the total volume of the asset traded over the same period edged 13% lower.
Fundamentals
Cardano price has recorded significant losses in recent weeks in tandem with the global cryptocurrency market. Most of the digital assets have been treading waters over the past few weeks, with the premier cryptocurrency struggling to break above the crucial level of $27,000. The global crypto market cap has increased slightly over the past 24 hours, while the total crypto market volume decreased by 25%.
The Crypto Fear & Greed Index, which is a key measure of the emotions driving the cryptocurrency market, is a fear level of 39, slightly lower than the fear level of 42 recorded last week. A fear level usually indicates a decline in risk appetite by investors which might prompt traders to sell irrationally.
Investors have been assessing what could be ahead for the economy while weighing the outlook for interest rates after…
Dogecoin price has posted significant losses over the past few weeks amid bearish crypto market sentiment. The digital asset has slumped by 18.65% in the month to date and more than 13% in the year to date. Additionally, Dogecoin has shed more than 5% in the past week in the wake of a dull market. The asset’s total market cap has declined over the last day to $8.59 billion, ranking DOGE 8th after Solana. The total volume of the digital currency traded over the same period has also decreased by more than 18%.
Economic Concerns
Dogecoin price has been in the red for the past few weeks against the backdrop of weak market sentiment, a decline in risk appetite, and macroeconomic concerns. The overall crypto market cap has also been on a downward trajectory, with the crypto market cap down to $1.03 trillion, its lowest level since June. The total crypto market volume has decreased by more than 18% over the last 24 hours.
Traders have been in jitters over the past few weeks in the wake of global economic uncertainty. Data released on Wednesday showed that the UK economy contracted by 0.5% in July, ahead of the 0.2% expected. The Bank of England (BoE) is expected to raise its interest rates by 0.25% to 5.5% in its meeting next week in a bid to curb the high inflation rates. Ahead of the BoE, the European Central…
XRP price has been under intense pressure for the past few weeks, moving in tandem with the general crypto market movements. The asset has crashed by more than 20% in the month to date and 7% in the past week. XRP’s total market cap has plunged to $26 billion over the past few weeks, with the total volume of the asset traded over the last day down by 11%.
Regulatory Concerns
XRP price has posted significant losses over the past few weeks amid the bearish crypto market sentiment and regulatory concerns in the sector. The global crypto market cap has been under immense pressure over the past few weeks, with the overall crypto market cap inching lower to $1.04 trillion. The premier cryptocurrency, Bitcoin, has been struggling below the crucial level of $26,000 over the past few days, weakening the crypto market outlook.
Major altcoins, including Ethereum, Solana, Dogecoin, and Cardano, among others, have also succumbed to the general market outlook, dipping by more than 3% each. The Crypto Fear and Greed Index, which measures the key emotions driving the crypto market, is currently at a fear level of 35, pointing to an increase in selling pressure.
The legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has also been weighing on the XRP price. The XRP price jumped by more than 70% in July after a federal judge ruled…
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