- 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 $…
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