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The XRP price saw a boost at October's start after a federal judge rejected the U.S. Securities and Exchange Commission's request to appeal its landmark setback against Ripple.
XRP experienced a surge following the court verdict, reaching a high of $0.548 on Oct. 3. It has since erased those gains, falling 6.95% in October.
Bulls attempted to stem the bearish tide as institutional investors put funds into the asset. In the past week, asset manager CoinShares has observed an influx of institutional investment into the cryptocurrency market.
For the past 25 weeks, XRP has attracted inflows, demonstrating investor interest in the crypto asset.
Tomiwabold OlajideGiven this, XRP saw a rebound in the past week, with four consecutive days of bullish price movement culminating in highs of $0.51 on Oct. 16. However, bulls were unable to sustain the trend, and XRP started dipping once again.
If XRP closes in the red today, it will be the third straight day of losses. According to CoinMarketCap data, XRP was selling for $0.4799 at the time of writing. In the last 24 hours, the value dropped by 2%.
What might come next?
For the previous few days, XRP has been trapped in a broad range between $0.41 and $0.56. On the upside, bulls will encounter immediate resistance at the daily MA 50, which coincides with the $0.503 level.
If the price of XRP rises over the moving average (MA) 50 at $0.50, followed by the daily MA 200 at $0.527, it could imply strong buying at the support. The bears are expected to defend the aforesaid levels vigorously.
Thus, if the price fails to sustain a move above the moving averages, this might suggest that buyers are selling on rallies. This raises the prospect of a dip to $0.46. If this level is also broken, XRP might fall to $0.41.
Alex Dovbnya
Arman Shirinyan
Vladislav Sopov
Dan Burgin