. Daily Crypto Analysis - XRP's 5% Surge Amid Legal Battles and Institutional Interest

Daily Crypto Analysis – XRP’s 5% Surge Amid Legal Battles and Institutional Interest

Daily Crypto Analysis – XRP’s 5% Surge Amid Legal Battles and Institutional Interest

17 Oct 2023


Ripple’s XRP is experiencing price fluctuations, reflecting the influence of court rulings and shifting market sentiment in the second quarter of 2023. Recent intraday trading saw XRP rise by nearly 5%, breaching the $0.500 mark. Notably, Ripple’s movement of 30 million XRP, over 1% of daily trading volume, drew attention. The future of XRP’s price trajectory holds significance, and institutional support is a potential driving factor. In the broader cryptocurrency market, Bitcoin’s price surged 10% due to false reports, while Ethereum price is showing signs of an upward trend.


XRP price varies amid court rulings and market sentiment.

In the second quarter of 2023, Ripple’s XRP has seen notable swings as a result of several events that have influenced market dynamics and investor sentiment.

During intraday trading hours, the price of XRP increased by almost 5%, breaking the $0.500 barrier.

Earlier in the day, whale alert showed 30 million XRP, representing over 1% of the daily trading volume, being moved by ripple.

XRP price has a crucial uptrend to make, which will dictate whether there is a further recovery on the card for the altcoin. There is a fair chance that the Ripple token might be able to achieve it, given the support it is receiving from institutions.

Technical Overview:

Moving Averages:


  • MA 5: 0.47 | Positive Crossover | Bullish
  • MA 20: 0.47| Negative Crossover | Bearish
  • MA 50: 0.48| Negative Crossover | Bearish


  • MA 5: 0.47 | Negative Crossover | Bearish
  • MA 20: 0.47| Positive Crossover | Bullish
  • MA 50: 0.49 | Negative Crossover | Bearish

RSI (Relative Strength Index): 46.64| Buy Zone |Bullish

Stochastic Oscillator: 48.09 | Buy Zone | Negative

Resistance And Support Levels:

  • R1: 0.498| R2: 0.525
  • S1: 0.478 | S2: 0.453

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 0.471 | Take Profit: 0.453 | Stop Loss: 0.484.

Elsewhere In the Crypto Market

Bitcoin price recorded a 10% surge on false reports that iShares spot BTC ETF application had been approved. Ethereum price is eyeing an upside.

Bitcoin down (0.12%) at 28479.00, Ethereum down (1.01%) at 1,584.2, Litecoin down (0.62%) at 62.91, Solana up (5.31%) at 24.21, Doge coin down at (0.12%) at 0.59 as of writing time.

Key Economic Events & Data Release Today:

USD) Core Retail Sales (MoM) (Sep) Forecast 0.2%, Previous 0.6% at 18:00.

(USD) Retail Sales (MoM) (Sep) Forecast 0.3%, Previous 0.6% at 18:00.