Ripple's XRP has recently experienced a downward spiral, plunging below the $0.49 mark for the second time this month, triggering concerns and speculations about the extent of its potential drop amidst a generally bearish market and intensified selling pressure.
Following a momentary surge of 5.21% on October 3, sparked by a favorable ruling in the ongoing Ripple case, XRP has struggled to maintain its position, succumbing to a persistent bearish trend. Judge Analisa Torres' rejection of the SEC's motion for an interlocutory appeal on certain aspects of their prior ruling on July 13 was a crucial catalyst in this regard.
Renowned XRP advocate and legal expert Bill Morgan shed light on the deteriorating situation on October 9, when XRP was hovering slightly above $0.50. However, a steady decline was already in motion, with XRP witnessing seven losses out of eight days, culminating in a substantial 9.7% drop. At present, XRP is trading at $0.4898, indicating a 1.45% decrease over the last 24 hours, with a corresponding 29.28% decline in trade volume, suggesting waning interest among traders.
Several factors have contributed to the current downtrend. The overall bearish sentiment permeating the entire cryptocurrency market, exemplified by the recent setbacks faced by major assets like Bitcoin and Ethereum, has cast a shadow over XRP. Moreover, the escalating tensions in the Israel-Palestine conflict have prompted investors to seek safer havens, leading to a mass exodus from riskier assets such as cryptocurrencies.
Furthermore, the recent substantial movement of funds, including the transfer of 61 million XRP to Bitstamp by a major holder, has sparked apprehensions regarding potential further sell-offs, exacerbating the downward pressure on XRP's price.
With the stage set for a potential retest of the critical $0.45 mark and the anticipation of a possible visit to the pivotal support at $0.41, the XRP community braces itself for an eventful period ahead, eager to navigate through any ensuing twists and turns in the tumultuous crypto market.
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