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XRP Stumbles Hard as Bear Rips Through Market; Multiple Alts See Double-Digit Dips

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The new week opened with a bear crunch as the cryptocurrency market saw almost all of its September gains being wiped off. As Bitcoin plummeted on Monday, the altcoin market followed suit. XRP was one of the biggest losers on the charts with the cryptocurrency dropping to 7th place.

At press time, XRP was trading for $0.91 after a 13.6 percent dip ripped through the market. The double-digit gains were also reflected in the 13.8 percent weekly price dip. XRP’s price action was similar to a lot of other alts which witnessed vertical crashes. The wipeout caused the market cap to fall to $42.5 billion, a significant 8 billion lower than Binance Coin.

XRP 1 hour:

XRP’s immediate support fell to 0.91 after maintaining a steady price action for the past 14-days. The avalanche was triggered by the formation of two massive red candles following which the support stood no chance.

Bollinger bands: The lower Bollinger band crashed towards the bottom of the graph as the cloud opened up. Losing the price hold can lead to further crunches in the market share.

Relative Strength Index: The RSI fell below the oversold zone, a sign of the depleting number of HODLers. According to the indicator, a large sell-off occurred right as the price broke immediate support.

Chaikin Money Flow: Understandably, the CMF curved below the zero lines. This meant that the capital leaving the XRP marker had overtaken the influx.

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XRP Stumbles Hard as Bear Rips Through Market; Multiple Alts See Double-Digit Dips 2

XRP 1 day:

Long-term support was still holding the level formed in August. The $0.52 level was not under threat yet, even as the last red candle loomed ominously.

Relative Strength Index: Just like in the hourly charts, XRP’s level fell towards the oversold zone. This was in stark contrast to the highs achieved in August.

Chaikin Money Flow: The sharp decrease only added to the bearish environment as the capital was also reduced. A large push of new investors was now required to prop the graph back up.

Bollinger bands: The two bands diverged from one another as the Bollinger cloud held the potential for more growth. Currently, the latest red candle was en route falling out of the cloud.

XRP braves bear storm as major cryptos see their weekly gains erode

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The digital asset industry’s rollercoaster mid-week movement aligned with the predictions of a lot of investors after their price capitulation calls. Almost all the cryptocurrencies on the chart suffered bear attacks that resulted in the formation of new immediate supports. Ripple’s XRP was one of the assets undergoing a price shift as weekly gains enabled it to stay afloat.

XRP’s previous 7-day performance was a key factor in establishing the cryptocurrencies’ dominance in the face of the bear. Although the sixth-largest cryptocurrency recorded a 7 percent hourly dip, its market cap held above the $50 billion marks at $51.355 billion. The cryptocurrency was trading for $1.11 as the daily trading volume fell to $7.52 billion. One positive for XRP fans was the fact that the fully diluted market cap had gone up by 7 percent in the same time period.

XRP 1 hour:

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XRP braves bear storm as major cryptos see their weekly gains erode 5

In the short term, XRP’s selling pressure increased ever sop slightly. The aforementioned indicators all sided with the bear as the cryptocurrency’s price settled since its climb on the 11th. According to the Bollinger bands, XRP was in for a bearish downturn that may see its support slip to just below $1. The fall can be broken once more capital enters the market.

XRP’s RSI fell to its lowest since the start of this month. Regulatory tussles and price capitulations may be the main reason for the slump in the XRP buying scene. Only the Chaikin Money Flow lent a positive spin to the price action after climbing above the zero line today. This meant that capital coming into the market was more than the outflow.

XRP 1 day:

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XRP braves bear storm as major cryptos see their weekly gains erode 6

XRP’s positive price action since June seems to have been cut short this week. With the Bollinger bands opening its maw, fans of the cryptocurrency kept their fingers crossed for a bullish breakout. Even though XRP escaped the bear trap formed in April, it needs to remain wary of new support breaks.

After having stayed above the overbought threshold for a good part of a week, the indicator fell back into the RSI zone. This was a positive sign for XRP as it meant more users were HODLing their tokens rather than selling them. XRp’s CMF skirted on the zero line as the indicator dipped hard for the first time since July 20. Ripple’s new announcements could lend a hand to XRP and boost its stock in the crypto market, thereby bringing in more capital to the XRP ecosystem.

Ripple condemns SEC’s latest plea for Slack messages

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Ripple had a rocky start to this year. While all the other crypto platforms were reaping the benefits of the market’s growth, this platform was seen dealing with a lawsuit imposed by a regulator from the US. As Ripple continues to deal with this case, the Securities and Exchange Commission [SEC] was seen trying to persist in the case’s discovery phase.

Ripple was slapped with a lawsuit by the SEC right towards the end of 202. While the world was just recovering from the wrath of the COVID-19 virus, this crypto platform was accused of selling “unregistered securities” [XRP]. The firm did its part and tried to settle with the SEC. However, the latter wasn’t ready to budge. Therefore, the case took various turns, ever since.

In more recent news, the SEC was seen trying to garner access to more than one million Slack messages. Ripple hit back and condemned this move in a recent letter to Judge Sarah Netburn.

Ripple vs. SEC case

In the letter, the lawyers representing the platform noted that SEC’s plea for the exorbitant amount of Slack messages was nothing but “burdensome” as well as “highly disproportionate.” While the discovery phase of the case would end by 15 October 2021, the SEC’s latest plea could prolong this phase.

The letter further read,

“Other courts that have considered similar discovery requests for Slack data have ruled that Slack discovery is uniquely burdensome and costly and have ruled against motions to compel their production in cases where the moving party has already obtained significant discovery. […] Such a demand would have been overly burdensome even at the start of discovery and Ripple would have objected to it at that time had it fully understood the scope of the Slacks that would need to be searched. But it is now also disproportionate in light of the massive amounts of discovery already produced.”

Additionally, the platform noted the documents that were demanded weren’t relevant or critical to the case.

XRP [XRP/USD] Price Analysis: Cryptocurrency remains buoyed by strong support and resistance

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The cryptocurrency market’s relationship with the bull has been a tumultuous one of late with price fluctuations taking over. Although the price dips were not very significant, Bitcoin and a majority of the altcoins such as XRP and Ethereum mimicked the same bearish signals. At the time of writing, XRP ranked 7th on the charts with a market cap that was a billion dollars short of its nearest competitor, Dogecoin.

Clocking in at $0.852, XRP had undergone a minor 2.05 percent price reduction over the past week. XRP’s price changes have also been a result of the Ripple lawsuit and its resulting events. Back in 2020, the United States Securities and Exchanges Commission [SEC] had asked XRP’s parent to divulge details regarding its workings. Despite the pushback, XRP surged over the past couple of months to hit new all-time highs.

XRP 1 hour:

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XRP [XRP/USD] Price Analysis: Cryptocurrency remains buoyed by strong support and resistance 9

XRP’s short terms gains gave hope to investors that a bear run was impending. The candles turned green right before the immediate support which stood at $0.83. Its immediate resistance was $0.9, far crypto from its earlier all-time highs. All the indicators are taken in the technical analysis point to greener pastures for the seventh-largest cryptocurrency on the charts.

The Relative Strength Index had climbed over the zero line which meant that more people were buying XRP rather than selling it. Next in line was the Chaikin Money Flow indicator which projected a liner growth on the graph. This was in line with more investor money coming into the XRP ecosystem over the past couple of months. The MACD indicators in the short term had diverged towards the top as the histogram blinked green.

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The long-term gains enjoyed by XRP have elevated its support and resistance to levels unseen in 2020 or 2019. As it stands, the long-term support and resistance are $0.9 and $1.34 respectively. The aforementioned indicators took a more bearish stance when it came to long-term analysis.

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XRP [XRP/USD] Price Analysis: Cryptocurrency remains buoyed by strong support and resistance 10

XRP’s daily CMF indicators settled on the zero line with no major fluctuations in terms of capital coming in or leaving the market. The RSI signaled a stronger bearish signal as the indicator was much closer to the overbought zone than the oversold zone. A strong market sentiment allowed XRP to be buoyed between the overbought-oversold territory. The MACD indicator had crossed over at the start of the month, after which it continued a divergent path.