XRP Price Risks Drop to $0.47 as Analyst Calls Ripple ‘Scam’

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As a seasoned crypto investor with a background in finance and economics, I have seen my fair share of market fluctuations and analysis. The recent wobbles in XRP‘s performance, coupled with the rise and fall of the Bitcoin Fear and Greed Index, have left me both optimistic and cautious. While the Trump-Harris debate was a non-event for crypto, the U.S. CPI data release is always a significant factor to consider.

1) The price action of XRP has been unstable following a run into local resistance, leading to a significant pullback. Despite overall market optimism, there’s also a sense of caution as the Bitcoin Fear and Greed Index increased from 33 to 37 over the past day. Earlier, investors anticipated that the Trump-Harris debate might influence crypto markets and XRP prices specifically. However, the debate itself didn’t touch upon cryptocurrency matters, leaving the crypto community feeling somewhat underwhelmed.

Analyst Calls XRP Ripple Scam

As a crypto investor, I’ve noticed that on a broader perspective, the price of XRP has been subtly climbing, but it’s so slight that it’s hardly noticeable. The market is currently lacking significant momentum, and the limited buy pressure might not be enough to propel the XRP price significantly higher in the near future.

Financial analyst Rajat Soni referred to XRP as a ‘dependent coin,’ emphasizing that it lacked true decentralization. Soni raised concerns about XRP’s connection with centralized financial entities such as banks and Central Bank Digital Currencies (CBDCs), arguing that these ties restrict the financial autonomy characteristic of decentralized systems.

XRP is a scam.
Banks will never use XRP.
They will use some form of USD or #Bitcoin
Let me explain:
— Rajat Soni, CFA (@rajatsonifnance) December 18, 2023

Soni endorses Bitcoin, which appears to be approaching another bull market based on its on-chain data, making it the preferred decentralized option due to its self-governing nature compared to Ripple (XRP). Soni predicts that if Ripple is prohibited in the U.S., its worth could significantly decrease.

Supporters of XRP countered by emphasizing that Ripple could influence the direction of finance in the future, as they pointed out that transaction fees on the Bitcoin network are escalating, potentially hindering its expansion.

XRP Price Analysis

The current structure of XRP‘s price suggests a bearish trend, with a bear flag formation hinting at a possible further decline. At present, the price is approaching the lower limit of this pattern, which may indicate an upcoming breakthrough in the downward direction.

Since the start of the month, the Chaikin Money Flow (CMF) indicators have been holding steady, suggesting a lack of strong directional movement. The CMF currently stands in the negative range and is trending downwards, implying that selling pressure for XRP could potentially be intensifying.

XRP Price Risks Drop to $0.47 as Analyst Calls Ripple ‘Scam’

Initially, we anticipate the potential support to be around approximately $0.478, derived from the breakdown of the bear flag pattern. On the upside, you’ll encounter immediate resistance near the upper border of this flag around $0.545. The 50 EMA (represented in green) is situated at $0.5405 and offers temporary obstruction as well. Moreover, a significant resistance level exists with the 200 EMA (in black) at $0.559.

XRP Price Risks Drop to $0.47 as Analyst Calls Ripple ‘Scam’

Should the value of XRP fall below $0.533 and keep dropping, there’s a possibility of a larger downward trend emerging, potentially taking it below $0.478.

Factors That Could Further Influence XRP

In the upcoming days, several aspects might impact the cost of XRP. Initially, the Trump-Harris debate seemed unremarkable to the crypto world, as neither candidate addressed any cryptocurrency-related issues during their discussion.

Trump supports cryptocurrencies, contrasting with Harris who’s critical towards them. The absence of crypto discussion might have led to a dip in Bitcoin prices, causing the overall crypto market to shrink by approximately 1.7%.

As an analyst, I’m reporting today’s development: The Consumer Price Index (CPI) of the United States saw a slight increase by 0.2% on a monthly basis, as anticipated. However, when compared to July’s figure of 2.9%, the year-over-year (YoY) CPI dipped to 2.5%. This potential softening in U.S. inflation might trigger an upward trend in crypto prices.

Conclusion

With XRP‘s price under scrutiny, key aspects like the U.S. Consumer Price Index (CPI) could potentially sustain a drop or counteract the pessimistic prediction. Supporters of XRP are now vigilantly monitoring these indicators to determine if the market can regain its vigor and rebound.

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2024-09-11 16:38