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XRP plummeted along with the rest of the crypto market on Oct. 9 as bearish pressure emerged. XRP, the fifth cryptocurrency by market capitalization, fell to intraday lows of $0.487 from highs of $0.52, reaching a three-week low, or lows last seen on Sept. 18.
At the time of writing, XRP had recovered some of its earlier losses but was still down 3.81% in the previous 24 hours to $0.509.
Bill Morgan, a lawyer and XRP enthusiast, points out an intriguing fact concerning the recent XRP price decline.
Morgan pointed out that the recent price drop bore a resemblance to that seen after Judge Torres issued her summary judgment ruling in July.
The XRP enthusiast pointed out that XRP has lost all of its gains following the recent decision by Judge Torres to deny the SEC appeal request.
XRP jumped to highs of $0.549, gaining almost 9% on Oct. 3 after Judge Torres denied the SEC's appeal request, another win for Ripple in the case.
However, the gains were reversed as profit-taking began, and XRP has spent five of the last six days in the negative since its remarkable climb on Oct. 3. In the process, XRP went below its daily moving averages of 50 and 200, which were $0.51 and $0.527, respectively.
Tomiwabold OlajideXRP is currently down 2.68% for October, wiping out all of its monthly gains. The same profit-taking scenario played out, with XRP reversing gains after reaching highs of $0.938 on July 13, when Judge Torres made the summary judgment decision partly in Ripple's favor.
Crypto expert Benjamin Cowen spoke on the recent altcoin price drop, noting it as part of the market cycle: "Namely, where BTC drops, but BTC dominance goes up because altcoins are dropping more. It is always the most brutal part of the market cycle."
The crypto analyst earlier highlighted an eye-opening reality in the XRP price scenario, stating that narratives do not govern the market but rather liquidity does.
Arman Shirinyan
Alex Dovbnya
Dan Burgin
U.Today Editorial Team
Vladislav Sopov