XRP Price Sell-off: What to Expect This Week

As a seasoned researcher with over a decade of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market swings – some gentle lullabies and others, like the recent one, reminiscent of a roller coaster on its most extreme loop. The current market downturn, with over half a trillion dollars in losses and the S&P 500 plummeting, is a stark reminder that even the mightiest of empires can crumble under unforeseen pressures.


So far, August’s initial phase has been challenging. A massive plunge in the crypto market, amounting to over $500 billion (representing approximately 14.5% of its value), marks the most significant crash experienced in the last twelve months.

After experiencing weakness in equities, Japan’s stock market took a tumble, and the S&P 500 dropped by up to 4.4% over the last three days.

The recent downturn in the market can be attributed to lackluster job reports, reduced expansion among prominent tech companies, and renewed concerns about an economic recession.

Just woke up, anything happening?

— Samson Mow (@Excellion) August 5, 2024

Since the press conference held by Federal Reserve Chair Jerome Powell on July 31, there has been a noticeable drop in the rates of bets placed, as his comments suggested that any accommodative policy move would hinge upon whether inflation shows signs of abating.

XRP Price Sell-off: What to Expect This Week

Over the last fortnight, XRP‘s value had risen significantly. However, as we speak, its price has dropped by 15.25%, wiping out all the progress it made during that period, according to current market data.

Ripple vs. SEC

Without warning, the closely watched private gathering scheduled for SEC officials, where crypto investors eagerly awaited news concerning Ripple, regrettably had to be called off.

The silence from both Ripple and the Securities and Exchange Commission (SEC) has been deafening, with neither offering an explanation for the hold-up, thus keeping the cryptocurrency community on tenterhooks.

“Extreme Fear” mode

Currently, the Crypto Fear & Greed Index indicates “High Fear.” Generally, it’s advisable to avoid making significant investments during market turmoil or panic.

Keeping an eye on Ripple (XRP) involves tracking the general market trends, especially Bitcoin (BTC). Since Bitcoin fell below its key resistance at $55,000, there’s a high likelihood of further drops in its price.

As a dedicated researcher, I’m advocating that the XRP community should keep a keen eye on the Bitcoin (BTC) pairing, as there might emerge a “head and shoulders” pattern – a common technical formation in trading, which could potentially signal a reversal in the price trend.

According to Ali Martinez’s observation, traditionally, August and September have been tough months for Bitcoin’s price.

XRP Price Sell-off: What to Expect This Week

However, the XRP/BTC price correlation is at 0.66, which is considered moderate.

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2024-08-05 11:05