Home > web3.0 > body text

XRP Price Struggles to Recover as SEC Appeal Casts Bearish Shadow, On-Chain Metrics Reveal Predominantly Bearish Sentiment

Patricia Arquette
Release: 2024-10-09 06:52:20
Original
981 people have browsed it

XRP price struggled to maintain momentum, trading at $0.525 after a sharp drop from its recent highs of over $0.60. The decline coincides with the U.S. SEC's decision to file an appeal against Ripple

XRP Price Struggles to Recover as SEC Appeal Casts Bearish Shadow, On-Chain Metrics Reveal Predominantly Bearish Sentiment

PATNA (CoinChapter.com) — XRP price dropped below crucial support levels on Monday, continuing its recent bearish slide. The token slid to $0.525 after a sharp decline from its recent highs of over $0.60.

The decline in XRP price comes amid the U.S. SEC’s decision to file an appeal against Ripple. The SEC aims to overturn the ruling that XRP’s secondary sales do not constitute securities. Legal uncertainty has weighed on market sentiment, impacting XRP’s ability to stage a strong recovery.

However, Ripple’s leadership remains confident, and the ongoing appeal is unlikely to derail the company’s bullish outlook.

Meanwhile, XRP’s recent price movements and on-chain data revealed a predominantly bearish sentiment. The token’s price dropped from its September highs of over $0.66 to around $0.525. This decline aligns with increasing profit-taking activity, as evidenced by spikes in realized losses.

These losses suggest that many participants are exiting positions at a loss, indicating a lack of confidence in short-term price recovery.

Furthermore, the MVRV (Z-score) metric, currently in negative territory (-0.592), supports the bearish outlook.

A negative MVRV typically signals that the asset is undervalued, but it also implies that most holders are underwater, which may suppress any strong buying momentum for the time being.

Also, XRP’s recent on-chain activity showed that large holders (100 million to 1 billion XRP) have reduced their holdings significantly since June, a signal often associated with looming downtrends.

Whale tiers between 10 million and 100 million XRP also showed recent decreases, adding to the bearish narrative. However, some minor bullish cues exist.

Addresses holding between 100,000 and 1 million XRP have shown stability, indicating that smaller holders may be accumulating XRP. Additionally, the undervalued MVRV ratio could attract long-term investors, potentially providing a foundation for a recovery in the future.

Yet, until stronger accumulation patterns or market shifts emerge, the overall sentiment remains bearish.

The above is the detailed content of XRP Price Struggles to Recover as SEC Appeal Casts Bearish Shadow, On-Chain Metrics Reveal Predominantly Bearish Sentiment. For more information, please follow other related articles on the PHP Chinese website!

source:php.cn
Statement of this Website
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Latest Articles by Author
Popular Tutorials
More>
Latest Downloads
More>
Web Effects
Website Source Code
Website Materials
Front End Template
About us Disclaimer Sitemap
php.cn:Public welfare online PHP training,Help PHP learners grow quickly!