XRP Price Downside Continues As Cryptos Bleed

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The prominent cross-border money remittance token is bowing to the burgeoning selling pressure in the market as investors mull over the ongoing war in the Middle East and its impact on the global economy. Down 2% in the last 24 hours, XRP price is trading at $0.4789, with $732 million in trading volume coming in supported by $25.6 billion in market capitalization.

How Far Can XRP Price Dips Go?

XRP price holds below all the bull market moving average indicators, starting with the 200-week Exponential Moving Average (EMA), the 100-week EMA, and the 21-week EMA.

Before this drop to $0.4789, XRP price attempted a breakout above $0.55, bolstered by Ripple’s victory party held in New York on September 29 to celebrate its win against the US Securities and Exchange Commission (SEC).

Bulls are moving swiftly to defend support provided by an ascending trendline, as shown by the weekly chart. If they succeed, the chances of a recovery will increase immensely and enhance investor confidence in the uptrend.

However, the position of the Relative Strength Index (RSI) below the midline in the neutral area encourages traders to keep shorting XRP. A continued downtrend toward the overbought region could complicate the bull’s situation as the sell-off intensifies to $0.45.

xrp price chart — XRP/USD daily chart | Tradingview

If XRP price has bottomed out, an immediate recovery would be a pipe dream while the down leg extends to lower support areas at $0.37 and $0.31, respectively.

The Moving Average Convergence Divergence (MACD) indicator affirms the bearish outlook on the daily chart after sending a buy signal. XRP is bound to underperform if the blue MACD line holds below the red signal while the momentum indicator drops beneath the 0 neutral area.

Will XRP Bulls Nurture 24% Move 0.6%

On the same daily chart, XRP price has formed two patterns likely to validate a significant recovery with gains of up to $0.6. The first is a bullish fractal on the last stroke to pave the way for a bullish fractal.

A fractal is a pattern that signals a trend change. Fractals appear when the price falls and rises forming a “U-shape.” A bearish fractal occurs when the price is moving upward and then reverses the trend downward. On the other hand, a bullish fractal occurs when the price is moving downward followed by a trend change up.

For the bullish fractal in XRP to materialize, the immediate support at $0.475 must be defended at all costs, followed by a bounce back toward the next key resistance at $0.54.

The second pattern is a potential double-bottom, which tends to form towards the end of a downtrend. XRP’s support at $0.475 could mark the beginning of the pattern’s validation, which means bulls still have an uphill battle to start the home run—the uptrend targeting $1.

A double-bottom pattern is validated when the price breaks the neckline resistance at $0.54 for XRP’s case. A spike in trading volume should ideally accompany this move. Buy orders are usually placed slightly above the neckline with the breakout target equal to the pattern’s height extrapolated from the breakout point to $0.6.

Ripple CFO Leaves As Questions Arise Over XRP Escrow Account

Ripple’s CFO, Kristina Campbell, has reportedly left the company. The executively who allegedly resigned has been with Ripple through the litigation with the SEC. Neither the company nor Campbell has mentioned the reason behind her leaving. According to Fox Business, Ripple sent out a statement acknowledging Campbell’s leadership.

“We’re grateful for Kristina’s leadership over the past 2+ years and her contributions to the company as we’ve experienced strong global momentum, business growth and navigated regulatory headwinds,” Ripple said.

In other news, Ripple’s management of the XRP escrow account has been put into question this week by several community members. The critics argue that Ripple is not selling as much XRP as it is allowed to sell monthly to boost XRP price performance.

The fact Ripple decides not to sell most of the XRP released each month from escrow tells me what I already know from the SEC’s evidence in the Ripple case. Ripple takes steps to support XRP’s price. https://t.co/QOTUZXnBhY

— bill morgan (@Belisarius2020) October 9, 2023

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