. Daily Crypto Analysis - XRP's Price Slump Sparks Ripple CFO Search, Regulatory Future Unclear

Daily Crypto Analysis – XRP’s Price Slump Sparks Ripple CFO Search, Regulatory Future Unclear

Daily Crypto Analysis – XRP’s Price Slump Sparks Ripple CFO Search, Regulatory Future Unclear

12 Oct 2023

Introduction:

In the ever-volatile world of cryptocurrencies, XRP faces a significant setback, with its price plummeting below the $0.500 mark, marking a substantial 10% drop over the past week. This decline comes as Ripple undergoes a key leadership change following the resignation of CFO Kristina Campbell, and John Deaton, a prominent Ripple advocate, anticipates delayed cryptocurrency legislation until 2025. The recent price dip for XRP not only reflects broader market trends but also a notable decrease in investor participation. As the crypto market undergoes shifts, Bitcoin experiences a dip below $27,000 while Ethereum futures activity surges, though market analysts remain cautious about its price direction.

Ripple:

XRP price loses uptrend as investors participation averages at monthly low.

The price of XRP has dropped below $0.500 over the last week, a decrease of over 10%.

Following the resignation of former executive CFO Kristina Campbell earlier this week, Ripple has begun the search for a new CFO.

John Deaton, a supporter of ripples, thinks new legislation won’t be introduced until 2025.

The previous week has seen a decline in the price of XRP, invalidating a crucial support level for the altcoin. Although the cryptocurrency has been declining due to broader market indications, investor activity has also become a significant contributing factor.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.47 | Negative Crossover | Bearish
  • MA 20: 0.48| Negative Crossover | Bearish
  • MA 50: 0.49| Negative Crossover | Bearish

Simple:

  • MA 5: 0.47 | Negative Crossover | Bearish
  • MA 20: 0.49| Negative Crossover | Bearish
  • MA 50: 0.50 | Negative Crossover | Bearish

RSI (Relative Strength Index): 23.27| Sell Zone |Bearish

Stochastic Oscillator: 0 | Sell Zone | Neutral

Resistance And Support Levels:

  • R1: 0.51| R2: 0.58
  • S1: 0.46 | S2: 0.39

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 0.44 | Take Profit: 0.39 | Stop Loss: 0.47.

Elsewhere In the Crypto Market

Bitcoin falls under $27,000 as FOMC minutes show rates could remain restrictive for some time. Ethereum futures activity surge but analysts call price directionless.

Bitcoin down (0.26%) at 26835.00, Ethereum down (0.56%) at 1,557.9, Litecoin down (0.62%) at 61.79, Solana down (0.57%) at 21.44, Doge coin down at (0.43%) at 0.58 as of writing time.

Key Economic Events & Data Release Today:

(USD) Core CPI (MoM) (Sep) Forecast 0.3%, Previous 0.3% at 18:00.

(USD) Initial Jobless Claims Forecast 210K, Previous 207K at 18:00.