XRP Erases 20% from Recent Gains, Here's What Might Come Next

Oct 18,2022
XRP Erases 20% from Recent Gains, Here's What Might Come Next

The data encryption stock market sold again, and investors waited for the US consumer price index (CPI) data on Thursday, which is expected to continue to rise. According to data from CoinGecko, XRP changed hands at $0.45 at the time of delivery, down 6.4% in the past 24 hours.

According to the data released by the Labor Department on Wednesday, the United States finally required the operator price index (PPI) to increase by 0.4% from August, the first increase in three months and 8.5% from the same period last year. In September, the key PPI rose 0.3%, and 7.2% in the previous December.

After an increase of 0.548 US dollars on October 9, XRP gradually declined and investors took profits. XRP fell from the highest point of US $0.548 to the intraday bottom of US $0.44 today, which has dropped nearly 20% of its recent rise.

Ali, an analyst of data encryption investment, said that the fall of XRP price at this stage may cause the price of XRP to fall further to USD 0.39. According to industry analysts, TD Sequential said that XRP had a selling signal, indicating that the price of XRP would further drop to US $0.42, or even US $0.39.

It is reported that the last time XRP price displayed the sell signal in the TD code sequence was on September 24. Then, the price of XRP fell by nearly 25%, from $0.558 on September 23 to the bottom of $0.417 on September 28, and then the price recovered.

On the other hand, recovering from the current decline may lead to a retest of the US $0.50 level. RSI is at 50 neutral level, which is likely to represent short-term integration or range trading before significant price fluctuations.

XRP still rose 27.3% in the previous 30 days

According to the data of CoinGecko, XRP has risen by 27.3% in the past 30 days, which is one of the stocks with a large rise in this period. In addition, BTC and Ether fell by 16% and 27.3% respectively.

In the ongoing dispute, Ripple's partner I-Remit, after obtaining the approval of the People's Court, announced that it had submitted a friendly newsletter on the application of the Ripple defendant's summary decision.