{"id":194816,"date":"2023-10-11T13:39:05","date_gmt":"2023-10-11T13:39:05","guid":{"rendered":"https:\/\/tokenstalk.info\/?p=194816"},"modified":"2023-10-11T13:39:05","modified_gmt":"2023-10-11T13:39:05","slug":"xrp-price-drops-9-as-market-turns-bearish-should-you-brace-for-more-sell-offs-coinpedia-fintech-news","status":"publish","type":"post","link":"https:\/\/tokenstalk.info\/crypto\/xrp-price-drops-9-as-market-turns-bearish-should-you-brace-for-more-sell-offs-coinpedia-fintech-news\/","title":{"rendered":"XRP Price Drops 9% as Market Turns Bearish: Should You Brace for More Sell-Offs? &#8211; Coinpedia Fintech News"},"content":{"rendered":"<ul>\n<li>\n<p><span>XRP has declined over 9% in the past week, following broader market trends.<\/span><\/p>\n<\/li>\n<li>\n<p><span>Growing tensions in the Middle East have made investors risk-averse, leading to sell-offs in cryptocurrencies.<\/span><\/p>\n<\/li>\n<li>\n<p><span>Large transfers of XRP to exchanges have raised concerns of further sell-offs.<\/span><\/p>\n<\/li>\n<\/ul>\n<p>The XRP market is buzzing with predictions, and everyone has their share of versions to convince naive investors. Recently, XRP slipped below the $0.49 mark for the second time this month, reaching its lowest point in a month, mainly due to a pessimistic market and increased selling activity.<\/p>\n<p>The current state of XRP has been gloomy ever since it climbed by 5.21% on October 3, coinciding with a major development in the ongoing Ripple legal case. On that day, Judge Analisa Torres rejected the SEC&#8217;s request for an interlocutory appeal related to the July 13 loss.<\/p>\n<h2>Bill Morgan Weighs In<\/h2>\n<p>Bill Morgan, a well-known pro-XRP legal expert, highlighted the growing bearish trend on October 9. Back then, XRP was still above the $0.50 level, but a gradual decline was evident.<\/p>\n<p>Since October 3, XRP has suffered losses on seven out of eight days, marking a decline of over 9.7%. Currently, XRP is trading at $0.4898, showing a 1.45% drop over the last 24 hours. The 24-hour trading volume has decreased by 29.28%, indicating a declining interest among traders.<\/p>\n<h2><strong>Understanding the XRP Decline<\/strong><\/h2>\n<p>As many bet on XRP reaching a new all-time high (ATH) soon, the current bearish outlook has captured everyone&#8217;s attention. But what factors are driving this fifth-largest cryptocurrency&#8217;s decline?<\/p>\n<p>To start, a broader bearish sentiment has cast a shadow over the entire cryptocurrency market. Major cryptocurrencies like Bitcoin and Ethereum have faced losses in the past week due to lower buying pressure.<\/p>\n<p>The global cryptocurrency market cap reached a two-month high on October 2 but has since fallen by $70 billion, marking a 6.25% drop in just one week. These declines have had a ripple effect, negatively impacting assets like XRP.<\/p>\n<p><strong>Global Conflicts <\/strong><\/p>\n<p>Moreover, the Israel-Palestine conflict has played a role in pushing investors away from riskier assets such as cryptocurrencies. Growing tensions have made market participants consider potential economic consequences, leading to a shift away from risky assets as a precaution against possible market turmoil.<\/p>\n<p>Also Read: Hamas Militants Raised Millions in Crypto for the Israel Attack: Report<\/p>\n<p>Lastly, significant transfers of funds to exchanges, including a move of 61 million XRP to Bitstamp, have raised concerns of further sell-offs. Ripple also moved 60 million XRP recently, contributing to the downward pressure on XRP&#8217;s price.<\/p>\n<h2>The Road Ahead for XRP<\/h2>\n<p>In the days to come, all eyes will be on XRP as it hovers on the edge of retesting the $0.45 mark, sparking excitement about a potential visit to the pivotal support level at $0.41. The Ripple community is preparing for an eventful few weeks ahead, ready for whatever twists and turns may come their way!<\/p>\n<p>Read More: XRP Whales Keep Buying Despite Flash Crash: Price to Surge?<\/p>\n<p>Source: <a href=\"https:\/\/coinpedia.org\/news\/https:\/\/coinpedia.org\/news\/ripple-news-how-low-can-xrp-price-drop-this-month\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>XRP has declined over 9% in the past week, following broader market trends. Growing tensions&#8230;<\/p>\n","protected":false},"author":4,"featured_media":194815,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>XRP Price Drops 9% as Market Turns Bearish: Should You Brace for More Sell-Offs? - Coinpedia Fintech News - Tokens Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tokenstalk.info\/crypto\/xrp-price-drops-9-as-market-turns-bearish-should-you-brace-for-more-sell-offs-coinpedia-fintech-news\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"XRP Price Drops 9% as Market Turns Bearish: Should You Brace for More Sell-Offs? - Coinpedia Fintech News - Tokens Talk\" \/>\n<meta property=\"og:description\" content=\"XRP has declined over 9% in the past week, following broader market trends. 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