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XRP Might Be in Serious Trouble as Ominous Signal Appears on Chart: Details

Tue, 10/11/2022 - 14:42
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Tomiwabold Olajide
XRP price dipped in line with other cryptocurrencies' drops
XRP Might Be in Serious Trouble as Ominous Signal Appears on Chart: Details
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XRP was a top gainer in recent months as a result of trader optimism and positive expectations in the Ripple lawsuit.

Ripple scored a major win in the ongoing lawsuit as District Judge Torres ordered the release of documents about former SEC official William Hinman.

According to CoinGecko data, XRP has gained 37% monthly. Owing to the current market sell-off, XRP's price dipped in line with other cryptocurrencies' drops. At the time of publication, XRP was down 5.8% at $0.489.

According to crypto analyst Ali, the current drop in XRP's price might lead to a cascading decline to as low as $0.39. According to the analyst, TD Sequential is indicating a sell signal for XRP, suggesting a further price decline to $0.42 or even $0.39.

XRP: Important Signal Flashes on Price but Looks To Make XRP Stronger

The last time the XRP price presented a sell signal on the TD sequential was on Sept. 24, as reported by U.Today. Subsequently, the XRP price fell nearly 25% from the Sept. 23 high of $0.558 to the Sept. 28 low of $0.417 before the price recovered.

XRP price action

After marking five consecutive days of gains since Oct. 3, XRP attempted a push above the $0.55 barrier but was resisted by the bears. If further declines ensue, the seller might attempt to push the price next to $0.47 ahead of the MA 200 support at $0.456. 

XRP Trading Volumes Suddenly Up 542%, What's Happening?

A drastic decline might see bears targeting the $0.40 level at the MA 50 next. A bounce off of this might suggest that XRP might consolidate between the $0.41 and $0.56 levels for a little extra time.

Meanwhile, positive news might invalidate this bearish forecast as in the past. Ripple on Tuesday announced its first On-Demand Liquidity (ODL) customer in France as it joins forces with Lemonway, a Paris-based payment provider for online marketplaces. Ripple also announced a second new ODL customer, its first in Sweden. Swedish money transfer provider Xbaht enables money movement between Sweden and Thailand.

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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.