XRP Erases 20% from Recent Gains, Here's What Might Come Next
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The crypto market saw another selling bout as investors awaited the U.S. consumer price index data on Thursday, which is expected to remain persistently high. At the time of publication, XRP was changing hands at $0.45, down 6.4% in the last 24 hours, per CoinGecko data. According to Labor Department data released on Wednesday, the U.S. producer price index for final demand was up 0.4% from August, marking the first gain in three months, and was up 8.5% from a year ago. In September, the core PPI gained 0.3%, moving up 7.2% from the previous 12 months. After topping $0.548 on Oct. 9, XRP started its decline as investors took profit. Taken from highs of $0.548 to today's intraday low of $0.44, XRP has shed nearly 20% of recent gains.
According to crypto analyst Ali, the current drop in the XRP price might lead to a further decline to as low as $0.39. According to the analyst, TD Sequential indicated a sell signal for XRP, suggesting a further price drop to $0.42 or even $0.39.
The last time the XRP price presented a sell signal on the TD sequential was on Sept. 24, which was reported by U.Today. Subsequently, the XRP price declined nearly 25%, going from the Sept. 23 high of $0.558 to the Sept. 28 low of $0.417 before the price recovered. On the other hand, a recovery from the current dip might lead to a retest of the $0.50 level once more. The RSI at the 50 neutral levels might suggest consolidation or range trading in the near term before the price makes a major move.
According to CoinGecko data, XRP has gained 27.3% in the last 30 days, ranking one of the top gainers in this timeframe. Meanwhile, Bitcoin and Ethereum are down 16% and 27.3%, respectively. In the ongoing lawsuit, Ripple partner I-Remit has formally filed its Amicus Brief in Support of the Ripple Defendants' Motion for Summary Judgment after gaining approval from the court.
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