United

<ul>
 <li><strong>Bearish sentiment is reinforced by the fact that XRP’s price is still below the 50-day EMA.</strong></li>
 <li><strong>The price has witnessed a significant 7.18% decline in the last 7 days.</strong></li>
</ul>
<p>Recent statistics indicate that widespread use of <a href="https://thenewscrypto.com/whale-moves-11-5-million-ripple-xrp-to-exchange-amid-ongoing-transfers/" target="_blank" rel="noopener noreferrer nofollow">XRP</a> is still in its infancy, with over 3.6M wallets holding less than 500 XRP. Nonetheless, around 17% of all XRP wallets were established since the beginning of 2023, suggesting growing interest.</p>
<p>When compared to the previous value of $7.16 billion in October 2022, the amount of XRP held by large investors, or “whales,” has increased to 27% of the entire circulating supply.</p>
<p>After a court in the United States determined in July that <a href="https://thenewscrypto.com/ripple-moves-over-59-million-in-xrp-to-exchanges/" target="_blank" rel="noopener noreferrer nofollow">Ripple</a> (XRP) was not a security under certain circumstances, the price of the asset skyrocketed. In the recent weeks, it has lost all of its previous gains and is now among one of the worst-performing cryptocurrencies.</p>
<h3 class="wp-block-heading" id="h-significant-decline">Significant Decline</h3>
<p>The technical indicator of relative strength, the RSI, is now at 37, suggesting a negative scenario for the token. Bearish sentiment is reinforced by the fact that XRP’s price is still below the 50-day Exponential Moving Average.</p>
<p>At the time of writing, XRP is trading at $0.4827, up 1.03% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 19.87%. The price has witnessed a significant 7.18% decline in the last 7 days.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/10/XRP_7D_graph_coinmarketcap-1.png" alt="" class="wp-image-83887" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/XRP_7D_graph_coinmarketcap-1.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/10/XRP_7D_graph_coinmarketcap-1-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/XRP_7D_graph_coinmarketcap-1-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>If the price goes below the recent low of $0.48 mark then a further decline towards $0.42 is highly likely. If bears further continue their domination then price will likely test the $0.34 support area.&nbsp;Conversely, if the bulls intervene and drive the prices above $0.50 then a fresh rally eyeing $0.52 level is on the cards.</p>

Struggle Continues for XRP Price; Further Decline Likely?

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TheNewsCrypto

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