XRP price continues to feel the pressure brought by the Security and Exchange Commission (SEC) decision to appeal an earlier ruling that had largely sided with Ripple Labs. The crypto coin’s returns are negative on all key time frames, with year-to-date losses of 16 percent, monthly losses of 13 percent and weekly losses of 5 percent.
As of this writing, XRP price is down by 3.5 percent on the daily chart. That underlines sentiment-driven trading of the coin, which has created a divergence with the wider crypto market. However, it is worth mentioning XRP has stayed resilient and avoided dropping below the top ten crypto market cap ranking despite having been involved in a legal tussle for more than three years.
The $0.500 territory is an accumulation zone, within which XRP has spent a substantial amount of time since July. That also means that an upside potential could be threatened if the price breaks into the $0.400s zone.
The good news for altcoins is that the recent crypto market momentum has largely been led by Bitcoin, with meme coins taking a backseat. That helps cancel the “noise” typical of meme coins’ price volatility frenzy, which could help altcoins like XRP attract more buyers.
The momentum on XRP price signals control by the sellers below the 0.515 pivot mark. The first support will likely come at 0.509, but extended downward momentum could break below that level to test 0.503.
Conversely, if XRP moves above 0.515, it will favour the upside to prevail. In that case, the first resistance could come at 0.520. However, a stronger upward momentum could break above that level and invalidate the downside narrative. Also, XRP price could rise further to test 0.524.
This post was last modified on Oct 25, 2024, 20:56 BST 20:56