XRP Price Prediction As Price Loses 10% In A Week, Sell-Off Or Buy The Dip?

John Isige
August 17, 2023 Updated August 18, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

XRP has fallen victim to the crypto market reaction to the release of the previous United States Federal Open Market Committee (FOMC) minutes, which hinted at continued monetary tightening.

The cross-border money remittance is down 2.5% to $0.58 with its cumulative losses totaling $5.5%. Bitcoin and Ethereum are also in turmoil, down 2.7% to $28,328 and 2.5% to $1,777, respectively.

Read More: Judge Torres Approves SEC’s Request to File Interlocutory Appeal in XRP Ruling

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XRP Dips Below Macro Downtrend

Since XRP topped out at $0.93 following a rally triggered by the Ripple ruling, tumbled 37%, thanks to profit-booking activities and a generally weakening crypto market structure.

As the anticipation of a rally above $1 faded in the last few weeks, the bears’ confidence increased, leaving XRP too weak to sustain an uptrend.

Selling pressure has also intensified below the macro downtrend on the daily chart coupled with another drop below the 50-day Exponential Moving Average (EMA) (red) at $0.6228.

Now that losses are below $0.6 and XRP price is trading at $0.577, the 100-day EMA (blue) is required to come in handy for the bulls to have a chance at pushing for a rebound. However, if the downtrend extends, bears are likely to target the 200-day EMA (purple) at $0.5261.

XRP price drops to $0.58
XRP/USD daily chart | Tradingview

Based on the outlook of the Moving Average Convergence Divergence (MACD) indicator, a downtrend in XRP is unlikely in the short term. Short positions in XRP have the potential to turn profitable, especially with the momentum indicator signaling an extended decline.

XRP maintains the bearish outlook on shorter timeframes, including the four-hour chart where it seats below all the moving averages and the MACD dons a selling signal.

XRP price drops to $0.58
XRP/USD daily four-hour chart | Tradingview

Whale activity, according to insights from on-chain analytics platform Santiment, has soared as investors capitalized on the price dip to buy more XRP tokens.

The increase in whale addresses buying XRP has not had an impact on the price. However, this accumulation could eventually build up the momentum for a breakout to $1.

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Ripple Executive Oppose The SEC’s Request To Appeal Ruling

Ripple’s top executives, Brad Garlinghouse the CEO, and Chris Larsen the executive chairman have filed a motion that seeks to oppose the Securities and Exchange Commission’s (SEC) request to appeal the ruling in July.

In the ruling, Judge Analisa Torres determined that programmatic sales of XRP such as those on exchanges like Binance and Coinbase are not securities contrary to direct sales to institutional investors.

The judicial directive doesn’t revolve around a dominant legal issue; the SEC is unable to demonstrate a significant platform for diverse viewpoints; also, an expedited appeal wouldn’t accelerate the resolution of this ongoing legal dispute, the two executives argue.

Chiming in on the matter, crypto lawyer John Deaton said that it was pointless for the SEC to charge “the individual defendants with aiding and abetting IN A NON-FRAUD CASE, and thus, increasing the burden of proof,” was, in turn, costing the SEC.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.