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XRP Faces Further Decline as Bearish Dominance Continues

Published 10/12/2023, 03:35 AM
Updated 10/12/2023, 03:45 AM
© Reuters. XRP Faces Further Decline as Bearish Dominance Continues
XRP/USD
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  • XRP’s recent dip below key moving averages paints a bearish picture for the cryptocurrency.

  • Ripple vs. SEC saga keeps XRP in limbo as market indicators signal potential further decline.

  • Bearish dominance in the XRP market records a 3-week low before establishing solid support.

Cryptocurrencies are known for their volatility, but XRP’s recent bearish performance has sparked particularly intense debate among experts. Besides being the fifth-largest crypto by market value, XRP has been the subject of a marathon legal skirmish.

Historical Echoes and Market Movements

Recently, XRP faced a significant price tumble, mirroring its performance after a crucial July ruling by Judge Torres. After another judgement favorable to Ripple, XRP surged to $0.549 on October 3rd. However, a flurry of profit-taking activities saw XRP’s gains almost wiped out within days. As a result, the currency dropped by 2.68% by mid-October.

XRP/USD 7-day price chart (source: CoinStats)

Amid a slump in the broader cryptocurrency market, XRP’s price subsequently fell from a high of $0.52 to a three-week low of $0.4829. Despite the uptick, the currency continued to fall, trading at $…

The post XRP Faces Further Decline as Bearish Dominance Continues appeared first on Coin Edition.

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