On September 6, the XRP price encountered a significant decline, falling beneath a pivotal support level amid a downturn in the global stock market triggered by a discouraging PMI report. This market shift also saw bitcoin breaking through a critical support threshold, leading to a widespread downturn across the cryptocurrency market. However, XRP faces additional challenges as Ripple’s Chairman, Chris Larsen, throws his support behind Vice President Kamala Harris in the upcoming November presidential elections, a move that has stirred up considerable debate within the cryptocurrency community.
Chris Larsen’s endorsement of Kamala Harris came to light through a letter revealed by CNBC, where he, along with 87 other business leaders, publicly supported the Vice President’s presidential bid. This endorsement has puzzled many within the XRP community, especially considering the Biden-Harris administration’s perceived adversarial stance towards the cryptocurrency sector through actions taken by the U.S. Securities and Exchange Commission (SEC). Such high-profile political backing occurs amidst an intensifying crackdown on cryptocurrencies by the U.S. government and a global economic outlook that seems anything but promising.
Despite Ripple’s recent victory over the SEC, where their penalty was reduced significantly from $2 billion to $123 million, Larsen’s political stance could potentially alienate investors and draw criticism, given the current administration’s tough approach towards digital currencies. This development comes as XRP’s price has seen a 1.7% decrease over the past 24 hours, trading at approximately $0.5230.
The economic indicators have not been favorable, with the latest PMI report indicating a weakening manufacturing sector. The labor market also appears to be softening, despite relatively low unemployment rates. Furthermore, the U.S. Yield Curve has uninverted for the first time in more than two years, signaling potential economic turbulence ahead. This economic backdrop could exacerbate the volatility in the cryptocurrency market, including XRP, potentially leading to a sell-off that could impact its liquidity severely.
A detailed analysis of XRP’s price trajectory reveals a bearish trend, with the asset moving below the $0.54 support level. This indicates a possible continuation of the downward movement. The next critical support zone is around $0.485, a level identified by previous mid-August lows. Failure to hold this level could see XRP’s price plummeting towards the $0.45 mark. The current market dynamics suggest that bears are in control, with the probability of forming lower lows in the near future.
However, it’s not all doom and gloom. Should XRP manage to find support at $0.485 and demonstrate a significant bullish response, it could attempt to reclaim the $0.54 level. This scenario would signal a potential shift in market momentum. Nonetheless, investors are advised to wait for a confirmed bounce from the support area before considering entry, to mitigate risk.
Amid these developments, questions arise regarding the impact of Larsen’s endorsement on investor sentiment, especially considering the current administration’s stance on cryptocurrencies. Additionally, the looming threat of recession could trigger further volatility in XRP’s price, leading to potential sell-offs. Given the current market conditions and the negative economic outlook, a short-term rise to $1 for XRP appears unlikely.
As the cryptocurrency market navigates through these uncertain times, stakeholders within the XRP community will be closely monitoring the situation. The intertwining of politics and cryptocurrency regulation continues to present a complex landscape for digital assets like XRP, underscoring the need for strategic navigation and informed decision-making among investors.

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XRP, a prominent cryptocurrency, has been a subject of both optimism and skepticism in the digital asset landscape. Once peaking at an impressive $3.84, its value has significantly diminished over the past seven years, primarily due to ongoing legal battles rather than the inherent volatility of the crypto market. The most notable of these battles is the protracted lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC), which has significantly impacted XRP’s market performance. However, as the legal dispute approaches a potential resolution and bitcoin‘s price shows signs of resurgence, various cryptocurrency analysts are predicting a potential turning point for XRP.
September has historically been associated with bearish trends in the cryptocurrency market, but this year tells a different story. Contrary to previous patterns, the month has opened positively for a range of cryptocurrencies. After a shaky start characterized by price drops, the market swiftly rebounded, showcasing the resilience of investors and traders alike.
This positive momentum is reflected in XRP’s recent price movements. The cryptocurrency has experienced a rise, crossing the $0.6 threshold, and is currently trading at approximately $0.5986, marking a 5.2% increase over the past week. This uptick has fueled speculation about what lies ahead for XRP, especially with the anticipated “Uptober” rally that many believe could push the token to unprecedented heights. According to crypto expert Levi Rietveld, this month could usher in “crazy days” for XRP holders.
In a recent analysis shared via a social media platform, Rietveld delved into the broader implications of U.S. monetary policy on the cryptocurrency market. He noted a consistent trend: whenever the government opts to print more money or the Federal Reserve implements interest rate cuts, an upward trajectory typically follows for cryptocurrencies. This pattern highlights a growing trend among investors seeking refuge in digital assets during economic shifts, and Rietveld anticipates that Bitcoin—often viewed as the bellwether of the cryptocurrency sector—could see its price soar to $100,000 or even higher by 2025.
Rietveld’s insights further connected the dots between Bitcoin’s performance and XRP’s future. While he acknowledged that Bitcoin might experience periods of instability, he believes that XRP’s price will remain resilient and continue its upward trajectory. This correlation is not unusual, as historical data suggests that when Bitcoin rallies, other cryptocurrencies often follow suit, benefiting from increased market interest and investment.
Rietveld posits that a straightforward strategy could significantly bolster XRP’s price, particularly in the context of Bitcoin’s performance and potential Federal Reserve rate cuts. However, he cautions that any substantial developments in XRP’s favor may not materialize until 2025, which could disappoint many current holders who have weathered years of uncertainty. The prolonged legal struggle has undoubtedly taken a toll on XRP’s market presence, but with a potential resolution on the horizon, there is a renewed sense of optimism.
As the cryptocurrency market gears up for the “Uptober” phenomenon, which many believe could trigger a bullish run, the prospects for XRP appear to be improving. Various indicators suggest that if the conditions align favorably, XRP could reach new all-time highs, transforming what many have labeled “crazy days” into a time of significant gains for its holders.
In summary, while XRP has faced considerable challenges over the years, the current landscape presents a glimmer of hope. With the close of the Ripple-SEC lawsuit potentially nearing and the broader crypto market showing signs of recovery, XRP stands at a pivotal juncture. Investors and enthusiasts alike are watching closely, eager to see if the upcoming months will indeed herald a new era of growth for this once-promising cryptocurrency. The convergence of favorable market conditions, potential legal resolutions, and historical trends could very well set the stage for XRP’s resurgence, bringing with it a renewed sense of confidence in its future.

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A massive 30 million Ripple [XRP] transfer, valued at $17.4 million, was recently withdrawn from Upbit, sparking bullish wave speculation.
As trading volume surges, traders are monitoring this whale movement, eager to see if the momentum will hold.
It remains to be seen whether XRP can sustain enough pressure to break past key resistance levels and trigger a potential breakout.
The price of XRP was trading at $0.5861, down by 1.63% at press time. However, despite this slight dip, the growing whale activity and increased trading volume have many in the market hopeful for a recovery.
Over the past 24 hours, active addresses have risen by 1.21%, totaling 10,347 at press time. This suggests that more participants are engaging with the XRP ledger, which often correlates with rising demand.
Moreover, the transaction count on the XRP ledger is also climbing, with a 0.72% increase over the last 24 hours, reaching a total of 1.388 million.
This uptick in transactions further signals growing network activity, typically a bullish sign for price action.
Another key factor fueling the bullish fire is the decline in exchange reserves. At press time, XRP’s exchange supply dropped by 0.29% in the last 24 hours, sitting at 2.9769 billion XRP.
Lower exchange reserves often indicate reduced selling pressure as more tokens are withdrawn from exchanges and moved to personal wallets.
This trend could signify that investors are anticipating a price surge, leading to less supply available for immediate trading.
Looking at XRP’s liquidation data, there has been notable activity on both long and short positions.
On the 23rd of September, liquidations totaled $579,009, with the majority being short positions ($61,000) across exchanges like Binance and OKX.
Contrastingly, long positions reached over $362,000. This indicates that despite short-term fluctuations, there is strong support from long traders, which could help drive the price higher.
While XRP has experienced a slight price dip, the surge in whale activity, growing network engagement, and reduction in exchange reserves present a bullish case.
If these trends continue, XRP could maintain its momentum and possibly push past key resistance levels.
However, traders should remain cautious, as sustained buying pressure is essential for a breakout. The coming days will reveal whether this whale activity is the spark needed for a lasting rally.#BinanceTurns7 #BTC☀ #Xrp🔥🔥 #Binance $BTC $ETH $XRP

The digital currency landscape has once again found itself navigating through a whirlwind of volatility and regulatory scrutiny, impacting investor sentiment and market dynamics. As the Federal Open Market Committee (FOMC) meeting looms, the crypto market, alongside bitcoin (btc) and various Altcoins, has experienced notable fluctuations. These movements are further compounded by macroeconomic events and legal developments within industry giants such as Telegram and Ripple.
This past week, the crypto market mirrored the U.S. stock market’s downturn, triggered in part by rumors that Nvidia, a leading AI and graphics processor manufacturer, had been subpoenaed by the U.S. Department of Justice (DoJ). Although Nvidia later refuted these claims, the initial news contributed to market unease. Adding to the volatility was the release of the U.S. JOLTS data, which reported job openings at 7.5 million, falling short of the anticipated 8.05 million. This underperformance has led market observers to anticipate a possible 50 basis point reduction in the Fed rate, although the overall impact on the stock and crypto markets, traditionally sluggish in September, remains to be seen.
The legal woes of Telegram, under the leadership of CEO Pavel Durov, have intensified. South Korea has initiated an investigation into the messaging platform for alleged illicit activities, coinciding with the company’s recent policy updates on illegal content. These legal entanglements underscore the ongoing regulatory challenges facing the crypto industry and its ancillary services.
The Ripple (XRP) lawsuit has seen incremental developments, with a recent agreement between Judge Analisa Torres and the U.S. Securities and Exchange Commission (SEC) regarding Ripple’s stay order for a $124 million payment. This legal tussle, alongside significant on-chain movements of XRP, has fueled speculations about the cryptocurrency’s future pricing and market position.
In parallel, Ripple’s leadership has been active in the political and economic spheres. Chris Larsen, the executive chairman of Ripple, endorsed Kamala Harris, reflecting the crypto industry’s growing engagement in politics. Furthermore, Ripple CEO Brad Garlinghouse shared insights on the upcoming RLUSD stablecoin launch, amid ongoing regulatory uncertainties affecting the XRP community and broader crypto market.
Internationally, Ripple’s strategic alliances continue to strengthen, with a notable partnership between Japan’s Metaplanet and Ripple’s partner SBI. Additionally, the Bank of Japan’s (BoJ) recent hint at an interest rate hike has the market on edge, anticipating potential impacts on cryptocurrency valuations.
The convergence of regulatory actions, macroeconomic indicators, and individual company developments underscores the complex interplay of factors influencing the crypto market. As investors and market participants navigate this landscape, the coming weeks are poised to be critical, with the FOMC meeting and ongoing legal developments likely to provide further clarity or, conversely, introduce new uncertainties into the volatile domain of digital currencies.
This unfolding scenario highlights the need for vigilant market analysis and a nuanced understanding of the interrelation between regulatory environments, economic policies, and technological innovation within the crypto space. As the industry continues to evolve, the outcomes of these developments will undoubtedly shape the future trajectory of digital currencies and blockchain technology.

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