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XRP Buyers in Limbo, Here's Why This Week Might Be "Big," Per This Analyst

Wed, 10/12/2022 - 15:51
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Tomiwabold Olajide
XRP has gained 37.9% in past month
XRP Buyers in Limbo, Here's Why This Week Might Be "Big," Per This Analyst
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XRP buyers seem to be in limbo as the XRP price made a faint rebound from its Oct. 12 lows of $0.477. At the time of publication, XRP was changing hands at $0.48, down 0.64% in the last 24 hours.

The crypto market saw another selling bout as prices paid to U.S. manufacturers increased more than anticipated in September. This might imply that it could take some time for inflationary pressures to abate, keeping the Federal Reserve on its aggressive path of interest rate hikes.

According to Labor Department data released on Wednesday, the producer price index for final demand was up 0.4% from August, marking the first gain in three months, and it was up 8.5% from a year ago. In September, the so-called core PPI gained 0.3%, moving up 7.2% from the previous 12 months.

The minutes from the Fed's latest meeting are due later on Wednesday, followed by U.S. consumer price index data on Thursday, which is expected to remain persistently high.

Charles Edward, CEO of Capriole Fund, believes this week might be a "big" one given the key releases scheduled later in the week.

XRP is up 37.9% since September

According to CoinGecko data, XRP has gained 37.9% in the past month, ranking as one of the top gainers in this timeframe. So far this month, Bitcoin and Ethereum are down 12.1% and 26.4%, respectively.

As the Ripple SEC lawsuit moves forward, XRP has decoupled from the rest of the cryptocurrency market, outperforming the majors. Crypto enthusiast David Gokhshtein tweets about buying more XRP as Ripple gains support. Meanwhile, the XRP community is keeping its fingers crossed on the SEC's next step toward the release of the Hinman emails.

XRP: Here Are Next Key Dates in Ripple-SEC Lawsuit

According to James K. Filan, "If the SEC decides to file a motion for reconsideration of Judge Torres’s ruling on the SEC objections regarding the Hinman documents, that would be due (tomorrow) October 13."

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.