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XRP price plunges by more than 48% in 12 months

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XRP continued to tumble over 12% over the past seven days and by more than 48% in a span of 12 months. As news of the latest Covid variant spread, the broader crypto market capitalization witnessed a staggering $265 billion being wiped away, spurring liquidations in the major cryptocurrencies such as Bitcoin [BTC], Ethereum [ETH]. As a result, XRP price too saw trading at a steep discount.

XRP Daily Chart Technicals

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XRP price plunges by more than 48% in 12 months 3

At the time of writing, XRP was changing hands at $0.94, falling by 0.65% in the last 24 hours. Its market cap was found to be at $45.10 billion while its 24-hour trading volume stood at $3.25 billion. Let us look into its price technicals. As indicated from the above 1-day price chart, the 50 DMA [Pink] and the 100 DMA [Green] bare above the price candles which was bearish in nature. Following the latest decline, the price went below the 200 DMA [Yellow] validating the bearish thesis.

XRP 4-day Chart

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XRP price plunges by more than 48% in 12 months 4

In the 4-hour chart, the closing bar of Awesome Oscillator [AO] switched to green depicted a weak but much-needed bullish momentum, despite treading below the equilibrium level. The Chaikin Money Flow [CMF] hovering below the zero line is projecting weak capital inflows in the coin market. With respect to the trading activity, the Relative Strength Index [RSI] indicator cruising below the 50-median level indicates that sellers are currently dominating the market but might change in the near term.

A few days ago Ripple had upgraded its XRP Ledger with the Negative UNL amendment adding a layer of resilience to the network when multiple validators are in offline mode. The blockchain expert, Chief Technology Officer [CTO] David Schwartz took to Twitter to laud the latest development:

“This is awesome news. This change reduces the ledger’s vulnerability to halting without any sacrifice in decentralization.”

XRP to be added in Ripple’s new liquidity program

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XRP continued to be at the crosshairs of the SEC but that has not deterred the blockchain firm Ripple to include the crypto in its new program.

The US-based fintech firm recently announced a new product category dubbed Liquidity Hub that would empower financial service providers to enable their customers in crypto asset trading without any hassle. Revealing more on the blog post, Ripple said that customers would be able to trade in a wide catalog of cryptocurrencies including XRP, Bitcoin [BTC], Ethereum [ETH], Litecoin [LTC], Ethereum Classic [ETC], Bitcoin Cash [BXC], etc.

Besides, the payment settlement firm also plans to include other crypto assets like non-fungible tokens [NFT], in the future. Currently, the new program is in the stage of development and is slated to be launched in 2022. The newly added program would also offer their clients better accessibility from a wide range of market options such as Exchanges, Over-the-counter desks [OTC], market makers, etc.

The latest announcement assumes significance against the backdrop of surging prices of cryptocurrencies in the broader market ecosystem. The world’s two most dominant crypto assets, Bitcoin and Ether continued to record new all-time highs amid an upward rally in the overall cryptocurrency market.

Ashish Birla, General Manager of the firm said that the newly launched product would act like an ‘aggregator for various liquidity venues and individual assets, the way that Google Flights is for airlines and flights.’ Speaking further on the occasion, Birla said,

“We have a long history of working with financial institutions, crypto exchanges, brokerages and market makers, which our enterprise customers can now directly benefit from. We’re planning to support a variety of assets and have plans to expand to more tokenized assets like NFTs in the future.”

XRP’s ongoing tussle with SEC

Ripple has been currently embroiled in an ongoing dispute with the United States regulator Securities and Exchange Commission [SEC]. In the latest turn of events, Magistrate Judge Sarah Netburn has officially ordered the blockchain service provider to ‘find and produce both video and audio recordings of its internal meetings for evidence in the case.’

The Financial agency is prosecuting Ripple along with co-founder Christian Larsen and Chiel Exec Bradley Garlinghouse for allegedly raising funds through sales of more than $1.3 billion worth of XRP tokens and deemed them as unregistered securities offerings.

XRP barely makes gains over the week but buyers keep it afloat

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Green was the color of the crypto market. Bitcoin [BTC], XRP, Ethereum [ETH], Solana [SOL], and every other asset had the bulls in its market. However, Binance Coin [BNB] and Dogecoin [DOGE] were still sulking with the bear.

Bitcoin [BTC] was extremely close to its all-time high. BTC, at press time, was trading for $63,866. The asset grew by 16.45% over the previous seven days. The market cap of the world’s largest cryptocurrency continues to surge beyond $1.1 trillion. The overall market cap was at $2.53 trillion.

XRP has been in the news almost all the time following the ongoing Ripple vs. SEC case. While this previously impacted the price of the altcoin, it didn’t seem to be much of a problem now. XRP continues to thrive after moving over $1. At the time of writing, the altcoin was trading for $1.11 with a 1.65% surge over the last 24-hours. The previous seven days brought no big changes to the asset’s market.

The market cap of altcoin was at $51.8 billion. Despite enduring all the trouble put forth by the SEC, the altcoin managed to stay in the top 10. Solana [SOL] would clearly take much longer to overpower XRP.

XRP one-hour price chart on Binance

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XRP barely makes gains over the week but buyers keep it afloat 6

The altcoin’s one-hour price chart on Binance had the bulls taking a nap in its market. The Bollinger Bands indicator suggested that volatility could be on the higher side in the XRP market. The Awesome Oscillator indicator witnessed no bearish signs as only green bars were noted on the chart.

All of these signs could suggest that XRP could transcend to a higher level.

Additionally, the Relative Strength Index [RSI] indicator revealed that the altcoin was being excessively bought. The RSI marker remained over the 50 median and the marker even surged to the overbought zone.

XRP notes daily surge of 4% while it continues to be the most loved crypto in the UK

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The crypto market turned green and announced the presence of the bulls. Binance Coin [BNB], XRP, Polkadot [DOT], Ethereum [ETH] as well as Bitcoin [BTC] were seen leading the bull run. All these assets were swiftly bagging the gains dropped by the bull.

Bitcoin [BTC] has clearly been aiming for its all-time high of $64K. While the king coin was already at $61,630, the persistence of this trend could push the coin to a new height. Polkadot [DOT] with an increase of 8.34% was seen shinning as an integral part of the bull run.

XRP, despite enduring major losses this year, managed to buck up and move over $1. The altcoin amassed immense hate from the SEC and was shown the door by an array of crypto exchanges. Despite all of this, the citizens of the UK seemed to be invested in the altcoin. As per Finance Magnates, XRP is the most sought-after cryptocurrency in the UK. Cardano [ADA] was the second most popular currency in the region.

Furthermore, the altcoin didn’t lag behind in the ongoing bull run. XRP, during the of writing, was trading for $1.16 with a 4% surge over the last 24-hours. The asset did not note any major surges or falls throughout the week.

Standing still, as the 6th largest crypto, the asset’s market cap was at $49.1 billion.

XRP short-term price chart on Binance

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XRP notes daily surge of 4% while it continues to be the most loved crypto in the UK 8

XRP’s one-hour price chart mirrored the ongoing sentiment in the crypto market. The Parabolic SAR indicator used in the chart formed a series of dots below the candlesticks. This suggested that the altcoin wouldn’t be coming across any sudden drops with regard to its price. The Awesome Oscillator indicator laid out green closing bars and alerted the presence of the bull in the market.

The Relative Strength Index [RSI] indicator was in the buyers’ zone. The RSI marker was seen heading towards the overbought zone.

Can XRP pull off a stunner despite failing to breach $1.08?

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XRP is trading below a critical resistance of $1.08 despite the overall crypto market flashing green and aiming for higher price action. The altcoin, cruising at a price of $1.07, has strengthened its position as the 6th-largest crypto by market cap. The good news however lies in its network appeal which is signaling promising signs that could further fuel its price action.

According to the crypto on-chain behavior analysis platform Santiment, the XRP network is witnessing interesting developments. The website focused its report on the basis of key metrics such as Social Volume, Network Growth, Daily Active Addresses [DAA], MVRD 7D.

How is XRP’s overall network health?

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Can XRP pull off a stunner despite failing to breach $1.08? 12

In April this year, Santiment’s Social volume peaked when XRP was trading at a record level, owing to the bull run. XRP was late to the party, thanks to the battle between the United States SEC and the blockchain firm Ripple which shooked the confidence of the market participants. A lot has changed since then.

The cryptocurrency asset’s price began to correct and so did the social volume, as illustrated by the Santiment graph below. Historically, the social volume figure climbing record highs tend to precede the formation of a local top and a subsequent decline. In short, the social volume generally peaks during the final stage of the rally.

The events that transpired six months ago depict room for further growth for XRP. Additionally, a damaging depreciation is highly unlikely to develop.

More upward potential?

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Can XRP pull off a stunner despite failing to breach $1.08? 13

With respect to Daily Active Address [DAA], the network appears to be in a strong position over the past few months. The metric has been on a constant upward trend since the late July plunge this year. As evidenced by Santiment’s Network Growth data, of late active address count has risen exponentially in a span of just two weeks. The report stated that the current spikes in the market participants regardless of the steady price action points to the deployment of actual users rather than speculators on the network.

Santiment also went on to add that a significant chunk of XRP’s Daily Active Addresses could probably originate from the increase in new participants as observed on its Network Growth metric. It is the formation of this sustained uptrend that demonstrated a healthy sign for the token’s future price prospects.

Finally, a similar sentiment was echoed by Market Value by Realised Value [MVRV] 7D which measures the holders’ short-term gain/loss. The data reveals that XRP is far from the danger zone where the formation of local top formation takes place. In a nutshell, the crypto-asset is poised for more gains.

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Can XRP pull off a stunner despite failing to breach $1.08? 14

Ripple willing to settle with SEC? Brad Garlinghouse drops hints

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Ripple’s fallout with the Securities and Exchange Commission [SEC] of the US has been a major highlight of the year. The SEC blatantly suggested that Ripple had engaged in the sale of unregistered securities i.e., XRP. Despite multiple efforts of the crypto platform, the SEC was adamant about its decision of slapping the platform with a lawsuit. While both the parties had previously made it clear that there were no chances of a settlement, the platform’s CEO Brad Garlinghouse went on to suggest that there could be a possibility of settlement. However, this could be possible only on a condition.

Despite garnering support from regulators across the globe, Ripple failed to convince the SEC that XRP wasn’t a security. Financial watchdogs from all around the world had released statements that XRP did not belong to the securities category, but SEC prolonged the lawsuit.

Over the last couple of months, during the course of the case, an array of things came to light. SEC went on to garner immense hate from people across the globe for being hostile towards XRP. While several exchanges had dropped support for the coin, “RelistXRP” surfaced on the internet.

As this case persists, Brad Garlinghouse, in a recent interview with Fox Business revealed that the platform was ready to settle. However, “absolute certainty” about XRP was needed.

Ripple vs. SEC

In his latest interview, Garlinghouse noted that he needed nothing more than certainty surrounding XRP. He stated,

“To the extent, we can find a constructive path forward with the SEC, we, of course, want to find that. There is no scenario though when we going to settle unless there is absolute certainty about what is XRP on the go-forward basis.”

He believed that Ripple has a definite sight of how XRP could be employed as a “powerful tool.”

Garlinghouse has time and again expressed his angst over the lack of regulatory clarity in the US. The CEO even suggested that the US had traversed from “lack of regulatory clarity to regulatory chaos.”

Additionally, speaking about regulations, Garlinghouse suggested that the crypto industry was regulated. But, the SEC possibly wants more power over the market, he added.

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 16

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 swings below $1.01 as price exhibits mixed signals

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XRP has been consolidating between $1.01 and $1.16 for more than a week. It had sustained multiple retests on the current defensive area. Since the flash crash of September 7, the crypto-asset has failed to see the necessary momentum. While XRP maintained a steady route, the volatility in the market appeared to be garnering traction. Additionally, while some of its indicators took bearish positions, revival hints cannot be missed. If the token’s price manages to hold its fort above a crucial area as bulls tackle selling pressure, signs of upwards breakout would come into play.

Over the past 24-hours, XRP was down by a minor 0.67% and was priced at $1.08. The sixth-largest crypto-asset registered a market cap of $50.3 billion and a 24-hour trading volume of $2.10 billion at the time of writing.

XRP Daily Price Chart

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XRP price candles have narrowly escaped from being dominated by the upsloping 50 DMA [Pink]. The 200 [Yellow] and the 100 [Blue] daily moving averages, on the other hand, appeared to lay low. The volume also did not depict any increase, and the above indicators flashed mixed signals, and the market seemed to hang in the balance between buyers and sellers.

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XRP swings below $1.01 as price exhibits mixed signals 20

The formation of closing green candles of Awesome Oscillator [AO] depicted hints of bullish momentum in the market. A similar sentiment was indicated by MACD, which was also on the verge of undergoing a bullish crossover. The daily Relative Strength Index [RSI], however, did not fare too well. The indicator closely mimicked the price action of the token and consolidated below the 50-median line after slipping into the bearish territory. Hence, a pickup in terms of the RSI above the half-line would signify the onset of a bullish trend.

The immediate resistance levels for XRP stood at $1.18 and $1.39, while the support points were found to be at $0.95 and $0.78, respectively.

XRP jumps onto the bull bandwagon while climbing up the crypto ladder

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After witnessing stagnancy for a long time, the crypto market finally followed the bull. XRP, Binance Coin [BNB], Cardano [ADA], and a few others barely experienced any major fluctuations. However, assets like Solana [SOL], Polkadot [DOT], as well as Bitcoin [BTC], were seen bagging significant gains.

Bitcoin was trying to break free from the $45K zone and the bulls were seen aiding this move. BTC’s market cap dropped down to $863 billion and the overall crypto market followed suit as it plummeted to $2.09 trillion.

Despite encountering an array of hurdles throughout the year, XRP still managed to surge to a high of $1. The altcoin took years to push past a strong barricade put forth by the bear and move beyond $1. At the time of writing, the asset was trading for $1.08 with a 2.29% surge over the last 24-hours. The previous seven days were unfavorable for the altcoin as its price dipped by 16.73%.

Additionally, XRP climbed up the crypto ladder. The altcoin recently made news after it was pushed down by Solana [SOL]. SOL took over as the sixth-largest cryptocurrency after its market cap rose beyond that of XRP’s. However, during press time, the market cap of XRP surged to $50 billion and the altcoin took over the sixth rank, once again.

XRP one-hour price chart on Biannce

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XRP jumps onto the bull bandwagon while climbing up the crypto ladder 22

The one-hour price chart of the altcoin was noted harboring the bull. The Parabolic SAR indicator used in its short-term chart transitioned into the bullish arena. The dotted lines dropped below the candlesticks further forming a line of support. The Chaikin Money Flow [CMF] indicator was way over the zero median up by the hills with the bull. This positive notion could further push the price of the altcoin.

Furthermore, the Money Flow Index [MFI] indicator was still residing in the buyers’ market.

Solana [SOL] positions itself as the 6th-largest crypto-asset after surpassing XRP

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Solana [SOL] has emerged as one of the hottest cryptocurrencies of late. The abrupt plunge in Bitcoin’s [BTC] price dragged the entire market into a sea of red. A sentiment of uncertainty has engulfed the crypto world. Investors expect bearishness in the next couple of trading sessions as top alts flashed sell signals. But not Solana.

SOL managed to weather the storm and record massive weekly gains of 78.88%. As a matter of fact, the crypto-asset was up by 35.64% over the past day alone. It was now trading at $208.5, according to the latest data on CoinMarketCap. Boasting a total market cap of $60.84 billion, SOL even blasted past XRP and was now the sixth-largest cryptocurrency. This comes just a day after it surpassed popular meme-coin Dogecoin [DOGE] to position itself on the 7th rank by market cap.

Among the top 10 cryptocurrencies, Solana was the best-performing asset as it decoupled from Bitcoin. XRP and DOGE, on the other hand, have failed to no impressive rallies as they continued closely mimick the price action of the king coin.

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Solana [SOL] positions itself as the 6th-largest crypto-asset after surpassing XRP 24

NFT boom backing Solana’s rally?

With a massive parabolic run-up, SOL’s price continued to exceed all expectations. One of the main drivers is the thriving sector of non-fungible tokens of NFTs. A major chunk of NFT-related transactions occurs on the Ethereum blockchain. However, the network suffers from higher congestion and inflated gas fees which has paved the way for alternative layer one solutions to take the stage.

Solana is one of them. Owing to its public base-layer blockchain protocol that aims to address inefficiencies and eliminates Ethereum’s performance bottlenecks, the SOL ecosystem and its reduced gas fees have catalyzed its case as an emerging player in the NFT space. Additionally, Solana’s integration with the NFT marketplace of the prominent crypto derivatives platform FTX has further strengthened its position in the industry.