bullish

Gold

FOMO

<p>After teasing a potential macro bullish breakout earlier this week, XRP price dropping over 11 percent in the past 24 hours has led to a retest of the crucial support level of around 54 cents on Thursday during the early Asian session. The large-cap altcoin, with a fully diluted valuation of around $54 billion and a daily average traded volume of about $3.3 billion, was the largest loser among the top 50 crypto assets in the past 24 hours.</p>   
<h2 class="wp-block-heading" id="h-major-factors-that-contributed-to-xrp-price-drop-today">Major Factors that Contributed to XRP Price Drop Today</h2>   
<h3 class="wp-block-heading" id="h-investors-disappointment-in-sec-s-decision-to-file-appeal-case"><strong>Investors’ Disappointment In SEC’s Decision to File Appeal Case</strong></h3>   
<p>The initial market hype and FOMO triggered by the announcement that <a href="https://coinpedia.org/news/bitwise-xrp-etf-proposal-will-this-be-a-game-changer-for-xrp/" target="_blank" rel="noreferrer noopener">Bitwise filed an XRP ETP</a> with the US SEC dramatically waned after the agency filed an appeal to <a href="https://coinpedia.org/news/major-twist-in-xrp-lawsuit-ripple-wins-but-sec-hints-at-bigger-plans-is-an-appeal-looming/" target="_blank" rel="noreferrer noopener">Judge Analisa Torres’ ruling</a>. XRP investors expressed notable disappointments amid an anticipated bullish breakout to a new all-time high.</p>   
<p>With the SEC’s appeal case likely to take several quarters before conclusion, most XRP holders are now diversifying their portfolios into other well-positioned altcoins. Moreover, the crypto industry is expected to register a fresh bull run akin to Gold in the near term, which will mostly favor <a href="https://coinpedia.org/price-analysis/altcoins-are-breaking-out-amid-growing-bearish-activity-will-tao-ena-price-record-a-bullish-quarterly-close/" target="_blank" rel="noreferrer noopener">altcoins</a>.</p>   
<h3 class="wp-block-heading" id="h-whales-sell-off"><strong>Whales Sell-off</strong></h3>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/whale_alert/status/1841220373418856837?s=46 
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<p>According to on-chain data analysis, whale investors have deposited more than $30 million worth of XRP into different crypto exchanges led by Bitso and Bitstamp in the past 24 hours. Earlier this week, Ripple unlocked 1 billion XRP but returned 800 million to the escrow account.</p>   
<p>With the onset of the SEC appeal against Ripple’s case, the XRP holders are expected to bear more pain as the firm sells more tokens to cover its legal costs.</p>   
<p>Moreover, Ripple has in the past admitted that its business operations are not profitable without the monthly XRP sales.</p>   
<h3 class="wp-block-heading" id="h-bearish-technicals"><strong>Bearish Technicals</strong></h3>   
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   https://twitter.com/crediblecrypto/status/1841588828131487985?s=46 
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<p>From a technical standpoint, <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" target="_blank" rel="noreferrer noopener">XRP price</a> lost a crucial support range between 60 cents and 58 cents in the recent past, thus invalidating a potential bullish breakout. According to a popular crypto analyst alias Credibull Crypto, XRP price must hold firmly onto the support level of around 54 cents to avoid further capitulation towards 43 cents ahead.</p>   [post_titles_links postid="359073"]

Why XRP Price is Dropping?

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