XRP price dipped in line with other cryptocurrencies’ drops
XRP was one of the top gainers 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 data from CoinGecko, XRP is up by 37% every month. Due to the current selloff in the market, the price of XRP fell in line with the decline of other cryptocurrencies. 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.
As reported by U.Today, the last time XRP price presented a sell signal on the TD sequential was on September 24. Thereafter, the price of XRP dropped almost 25% from the September 23 high of $0.558 to a low of $0.417 on September 28 before the price corrected.
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.
The bears are likely to target the $0.40 level on the next MA 50. A rally to this could indicate that XRP may consolidate between the $0.41 and $0.56 levels for a short period of 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.
