. 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

Introduction:

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.

Ripple:

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:

Exponential:

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

Simple:

  • 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.