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XRP Prices Dip by 12.54% as Investors Eye Ripple vs SEC Case

Published Nov 09, 2022 05:15AM ET Updated Nov 09, 2022 05:30AM ET
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© Reuters. XRP Prices Dip by 12.54% as Investors Eye Ripple vs SEC Case
 
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  • XRP fell 12.54% from the previous day to $0.3839, giving bears market control.
  • The price of XRP will undoubtedly reflect a gloomy market.
  • Technical indicators suggest that the bulls’ effort to reclaim the market is on the horizon.

Based on the most recent XRP price research, the cryptocurrency has seen a slump in recent hours. After hitting a 24-hour high of $0.4554, XRP encountered significant resistance. Because of the market’s decline, XRP is now valued at $0.3839, reflecting a 12.54% depreciation.

Primary drivers that may have attributed to the coin’s downhill trajectory include a 10.54% decrease in market capitalization to $19,660,663,821 and the ongoing litigation, as the XRP international online community worries that the Ripple vs SEC case may follow in the footsteps of LBRY Inc.

XRP/USD 1-day price chart (Source: CoinMarketCap)

Jutting Bollinger Bands imply that the XRP market is under heightened sell-offs, with the upper band touching 0.4501 and the lower band touching 0.3655. This gloomy trend is bolstered by the market’s march toward the lower band.

The Relative Strength Index (RSI) stands at 29.93, approaching the oversold threshold “of 20,” indicating that the present XRP market pattern may continue.

The Stoch RSI score of 55.34, pointing north, however, indicates that the XRP price is on the rise, and a positive turnaround is possible in the near future.

XRP/USD 1-hour price chart (Source: Tradingview)

The long-term moving average has surpassed the short-term moving average, indicating a bearish crossover. This is reinforced on the 1-hour price chart as the 20-day MA surges to 0.4077, above the 5-day MA of 0.3874. The price movement below both MAs suggests that the current trend in the XRP market may continue.

With a reading of -0.0158, the blue MACD line is below the signal line and moving in the negative zone, indicating that the bearish trend will continue. The histogram movement in the negative region also reinforces this tendency.

XRP/USD 1-hour price chart (Source: Tradingview)

To invalidate the recent downward trend in the DOGE market, bulls must increase their inflationary pressures.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

The post XRP Prices Dip by 12.54% as Investors Eye Ripple vs SEC Case appeared first on Coin Edition.

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XRP Prices Dip by 12.54% as Investors Eye Ripple vs SEC Case
 

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