XRP Navigates to $0.49 – What's Steering the Drop?

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XRP has dropped to $0.49 following its drop of 2% in the last 24 hours. Over the past week, this token by Ripple has experienced a decline of 4%, which adds to its total monthly decline of 28%.

What factors are steering the XRP price to drop?

XRP Drops 2%

In the last 24 hours, XRP has experienced a minor decline of 2%. The original decline was 4%, but a panic rally created a bounce, bringing up the value of XRP inside a small consolidation range.

At 1:30 a.m. EST, Ripple was trading around the $0.49 mark. Its market capitalization has experienced a loss of 2.4%, and its trading volume has dipped by a marginal 4.5%.

This bearish price action has mirrored Bitcoin’s drop, which has dropped below the $26k mark once again after the recent delay of spot Bitcoin ETF application processing by the SEC.

The US SEC – XRP’s Primary Price Action Driver

The volatile price action that XRP has gone through can be attributed to the SEC.

On July 13, Ripple’s partial victory over the SEC rallied the XRP price by 80%. The token then traded within a healthy consolidation range before the excitement of its initial win started to wane. It also didn’t help when the SEC made its intentions clear that it would be appealing against the Ripple ruling.

It created a downtrend for the XRP price, further aggravated by Bitcoin’s failure to stay above the $29k mark following the Evergrande bankruptcy. As Bitcoin nestled on its $26k support, XRP dropped even further.

Things started to look up for XRP when Grayscale’s victory over SEC regarding its Bitcoin ETF application rallied the XRP price by 7%. Bitcoin also crossed its $27k mark, and the community hoped the token would reach beyond $30k.

However, what followed after that was the delay by the SEC regarding processing the spot Bitcoin ETF applications. This blowback caused BTC to drop below the $26k mark again, pushing the XRP price down by 12%.

Ripple’s official X page shows that the devs aren’t deterred as they throw “The Proper Party,” a Ripple-hosted community celebration.

Who’s ready for “The Proper Party”?
Registration is now open for the Ripple-hosted community celebration on Sept 29 in NYC – Reserve your spot here: https://t.co/RkkYXI2eEj pic.twitter.com/de7CWP7aBd
— Ripple (@Ripple) September 1, 2023

Ripple’s Short-Term Price Analysis

Ripple’s hourly chart shows that XRP has traded sideways, around the $0.49 mark over the past nine hours. A break out from the upper trendline can create a minor rally and get the token closer to $0.5.

On the other hand, a breakdown from its current psychological support can push this token back to its intraday lows.

From the RSI presented in the hourly chart, the token’s value will likely drop since the Relative Strength Index of this token is closer to the oversold zone, and the trendline seems to be moving down once again.

XRP Long-Term Price Prediction

XRP’s weekly chart shows the the current price pattern resembles its December 2020 price action.

The weekly RSI is also similar to what it was in 2020, which may mean that XRP will follow a similar route to move up. However, will it allow XRP to test its all-time highs again?

XRP Long-Term Price Prediction – Weekly Chart (Source: CoinMarketCap)

The answer to the question lies in the upcoming Bitcoin halving. 2024 is when the next halving would take place, and if Bitcoin’s price experiences tailwinds, XRP may move up to retest its ATH next year.

However, we also have to look at other factors as well. For instance, important SEC vs. Ripple case trial dates have been recently announced. The resolution of that case would determine the route XRP takes.

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