The XRP price is experiencing a tumble to $0.494065 as per TradingView. This equates to a 3% drop in the past day. The fall trails behind a larger dip of 1% in the market over the same period. Although it is worth noting that the altcoin continues to hold its ground with a 45% upswing since the start of the year, despite registering a 5% drop in the past month.
Investors are likely keeping a watchful eye on the Wall Street which just concluded its worst week in half a year. As a result, the negative investor sentiment could provide an opportunistic investment window for XRP. Although it’s currently falling, renewed momentum could be around the corner, given its historic performance.
However, the tricky part is that some of XRP’s indicators are also experiencing a decline. For instance, its 30-day moving average has fallen below its 200-day average. This kind of movement tends to imply a period of sustained loss. As such, it will be crucial to watch how XRP’s support level reacts to the prevailing negativity in the broader market.
A recurring theme in dampening the global market sentiment involves ongoing upheavals in China, specifically within its housing sector, and a potential government shutdown in the US. These issues have weighed heavily across markets in the past few days. Therefore, it wouldn’t be far-fetched to assume that XRP might continue sliding towards a $0.490 mark before starting to correct itself.
Whale Alerts’ data portrays an arguably bleak picture, showing that whales seem more primed to sell off XRP at the moment. Yet, it’s vital to note that the coin’s fundamentals remain unshaken. Its underlying strength, supported by Ripple’s growth and acquisitions, positions it for a potential bounce-back when market conditions start to improve.
In another corner of the crypto-verse, Wall Street Memes (WSM), an altcoin currently making waves, concluded a monumental $25 million presale. WSM taps into the meme stocks movement that instigated massive rallies like GameStop and AMC in 2021, indicating its potential momentum. Notably, it touts a robust community hinting at its possible trajectory.
Finally, while XRP navigates choppy waters, and new coins like WSM position themselves to strike, this all serves as a reminder that crypto remains a turbulent asset class. A degree of risk always lingers, but within it lies the opportunity to capitalize if played smartly and consciously.
Source: Cryptonews
