Ripple Price Prediction: XRP Down 4% As SEC Delays Bitcoin ETF Decision

Updated: 01 September 2023

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XRP has started September on a bearish note after posting a 3.6% decline in the last 24 hours.

XRP has erased most of the gains made earlier this week when the crypto market rallied. XRP is now down by 27% over the past month.

The top ten cryptocurrencies by market capitalization besides TRX are trading in the red today. The overall bearish momentum has triggered selling activity for XRP.

Despite the price decline, XRP’s trading volumes have jumped 37% over the last 24 hours. XRP was trading at $0.505 at the time of writing.

XRP Plunges As Crypto Market Slumps

XRP’s price posted increased volatile action in the last 24 hours, dropping from $0.52 to $0.50. Sellers appear to be in control, increasing the likelihood of more declines.

XRP exhibited a downtrend for most of August. XRP started trading at $0.69 in August, and a sharp, bearish trend that engulfed the market for most of the month saw significant losses for the token.

XRP created a monthly low of $0.47 on August 18. It recovered to levels past $0.50 and has held this price since then.

XRP needs to hold prices above $0.50 to prevent drastic price declines. This price is currently acting as a crucial support zone.

XRP will return to trading at June lows if the price breaks below these levels.

XRP Poised For Further Downtrend

XRP will likely decline in the short term.

The bears now have control of the market, making a more significant case for a bearish pattern. In this case, XRP is poised to test key resistance at $0.49 before dropping to $0.485.

If XRP follows the trend shown in the chart above, the price will drop lower to hit $0.443; at this point, the token will have created a three-month low.

SEC Delayed Decision on Bitcoin ETFs Triggers XRP’s Decline

The price of XRP and most cryptocurrencies has dropped significantly in the last 24 hours. The decline is attributed to the US Securities and Exchange Commission (SEC) delaying its decision on spot Bitcoin ETFs.

XRP reversed the gains made after a US court ruled favorably on Grayscale’s ETF application. XRP has benefitted from favorable court rulings after a US judge ruled that XRP was not a security.

Sonik Coin Presale Nears $1 Million

The Sonik Coin presale is exploding amid increased interest from investors. This presale has now raised more than $925,000. The presale will close in four days or until a hard cap of $2.09 million is attained.

1 SONIK is trading at $0.000014. The presale started in mid-August, and given the amount that it has raised so far, interest is significantly high.

Once the hard cap of $2.09 million is achieved, SONIK will be listed on the Uniswap decentralized exchange. It wants to become the fastest crypto project to attain a $100 million market cap.

The SONIK stake-to-earn platform is also gaining momentum, and over 32 billion SONIK tokens have been deposited into the staking contract.

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