XRP
XRP Price Tumbles Amid Crypto Market Turbulence: Buy the Dip?
XRP price pulled back on Monday, shedding some of the gains made in the previous trading sessions amid a dip in crypto prices. At the time of writing, XRP was trading 5.75% lower at $0.6230. The asset’s total market cap crashed by more than 5% over the last day to $33.7 billion, ranking it 5th after Binance Coin. On the other hand, the total volume of the XRP token traded over the same period climbed 18% higher, suggesting either an increase in selling or buying pressure.
Fundamentals
XRP price plummeted on Monday, hitting an intraday low at the crucial support level of $0.600, leaving the XRP community in suspense about whether to panic or seize the opportunity. Data by CoinGlass has revealed that the recent downturn in the XRP price has resulted in a staggering $5.55 million in liquidations for long XRP positions. This constitutes 97.7% of both long and short liquidations over the past 12 hours.
The recent weakness in the crypto market outlook has been among the key factors in XRP’s decline. Data by Coinmarketcap shows that the global crypto market cap has decreased by 3.20% over the last day, while the total crypto market volume jumped by more than 45% over the same period. The Crypto Fear and Greed Index, which measures the crypto sentiment by market participants, has slightly declined from an extreme greed level of 83 to 80, suggesting that the risk appetite among investors is slowly declining.
All eyes remain fixated on the upcoming key inflation data and the US Federal Reserve’s last monetary policy meeting for the year. According to the CME FedWatch Tool, markets are anticipating a 98.4% chance that the Fed will keep interest rates on hold at its meeting later this week. Beyond the Fed, interest rate decisions by the Bank of England, Swiss National Bank, and the European Central Bank are slated for this week, with all three banks likely to signal higher-for-longer interest rates.
XRP Price Analysis
The daily chart shows that the XRP price has been struggling to maintain its position above the critical support level of $0.600. The altcoin briefly dropped below the 50-day exponential moving average before moving slightly higher. XRP remains above the 100-day and 200-day simple moving averages. Its Relative Strength Index (RSI) has dipped below the signal line and the neutral zone, revealing an increase in selling pressure.
As such, the XRP price is likely to continue struggling to find direction in the ensuing sessions as bears eye the support of $0.600. A decline below this level might push the XRP price lower to the next support at $5,535. Conversely, we cannot rule out a breakout above the immediate resistance at $0.700 which will invalidate the bearish thesis.
XRP Price Chart
XRP price has been among the best performers in the cryptocurrency market in recent days amid relief for Ripple Labs and broader market sentiment. The altcoin has jumped by nearly 10% over the past week, while its year-to-date price remains 57.57%. XRP’s total market cap has increased by 7.85% over the last day to $28.57 billion, ranking the asset 5th after Binance Coin. Additionally, the total volume of the digital asset traded over the same period has jumped by 137%.
Relief for Ripple
XRP price has been in the green for three consecutive days, breaking above the now-bullish support zone at $0.5290. The key catalyst behind XRP’s recovery is the SEC’s move to drop its lawsuit against two Ripple Labs executives. According to a court filing in New York last week on Thursday, the US Securities and Exchange Commission dropped its claims against Ripple Chief Executive Brad Garlinghouse and co-founder Chris Larsen.
In the court papers, the agency indicated that it was dropping its claims that the two Ripple Labs executives aided and abetted the sale of the XRP cryptocurrency which a judge found amounted to unregistered sales of securities. The Wall Street regulator accused Ripple of illegally acquiring more than $1.3 billion in an unregistered securities offering by selling XRP in December 2020.
US District Judge Analisa Torres granted Ripple Labs a landmark court win in the case in July, ruling that XRP was only considered…
XRP price has been in the green over recent trading sessions, holding above the crucial level of $0.50 despite being dropped from the NYDF’s greenlist. The digital asset has jumped by more than 7% over the past week but remains 4.30% lower in the month to date. Even so, XRP has climbed by 52% in the year to date. The asset’s total market cap has increased to $27 billion, ranking it 5th in the crypto market, while the total volume of XRP traded over the last day rose by 8%.
Regulatory Scrutiny
Like most cryptocurrencies that have been on an upward trajectory for the past few days after a period of stagnation that culminated with a significant dip, XRP price has been in the green over the period in tandem with general market movements.
The removal of Ripple’s XRP token from the NYDFS’s green list on Monday failed to dampen the recovery of XRP. While market participants and XRP holders expected a negative impact on the asset’s price, the event turned out to be a non-issue for the altcoin as it continued its recovery. The New York Department of Financial Services (NYDFS), recently outlined updates to its digital oversight regulations.
Among the changes, the financial regulator introduced new criteria for digital asset firms licensed by the agency to list various cryptocurrencies. According to a report, the NYDFS removed more than two dozen tokens from…
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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