Remarkably, this move did not happen in line with the broader market sentiment, as BTC and ETH recorded small gains in the meantime. It’s also worth noting that the sudden price drop seemingly happened without any real news related to Ripple, such as a new development in the legal battle with the US Securities and Exchange Commission, or the XRP token. Thus, the price move seems mostly influenced by speculation.
However, at press time, the price had already managed to bounce back to $0.3322, erasing much of the sudden price loss. XRP is now facing resistance at $0.3333, which has not been breached yet.🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 500,000,000 (170,074,826 USD) unlocked from escrow at unknown wallet — Whale Alert (@whale_alert)
I don’t really have a good understanding of what affects the price of cryptocurrencies. But I will tell you what I think is true, though I can’t back it up with facts. It’s just my sense based on data, experience and maybe just feelings.
More Downside In Store For The XRP Price?
Today’s move could spell more downside for the price. The recent rejection at the key $0.37 resistance is likely to play a role in this. On the upside, it would be of significant importance for investors if XRP recaptures the level at $0.343 relatively soon. Otherwise, there could be a lot of liquidity on the downside, as today’s move also showed.
Looking at the 1-day chart, a retest of the level at $0.2641 would be the most bearish scenario for now. The price level might present massive support, where liquidity could already kick in.