Key Takeaways
- Uptober crypto fever fails for XRP, as bears push its price toward key support amid market uncertainty.
- Current market sentiment remains bearish for crypto assets, following BTC’s price crashing towards $80k over the last few days.
- Despite lagging behind the price of BTC, expectations are for the price of XRP to rally behind BTC to the upside.
The cryptocurrency market in previous months was buzzing with excitement over Bitcoin hitting new all-time highs and altcoins, including XRP, trading to potential highs of $3, as speculation suggested that crypto assets for cross-border payments could trade towards $100.
While the speculation of Ripple token reaching such highs seemed realistic to many traders and influencers at the time, the market had its own plans as the price of Bitcoin crashing from its all-time high of $126k towards a region of $80k saw many altcoins struggle as XRP traded towards key zone of $2 for the first time in months since rallying from a region of $0.65.
The price of BTC crashing over the last month towards an annual low of $80k has created market uncertainty among investors and traders, as Bitcoin and altcoins trade in a key region of interest.
A breakdown to a low could signal more bearish dominance, as XRP could suffer a major blow towards $1.5 and potentially $1, as price trades at a key region where it must create a bullish structure to the upside.
XRP Price Struggle as Demand Increases
Recent interest in XRP suggests the price could trade towards the highs of $5 and above, despite trading around $2, a key support zone.
If the price of the crypto asset trades below $1.5 in the coming weeks, there is a high probability that bears will dominate the price, pushing it towards $1 and below, as this could affect the crypto asset’s sentiment.
A relief bounce by BTC to the upside in the coming days could see XRP demonstrate a strong price gain towards $2.6.
Overall, market sentiment is currently bearish following recent market decline across altcoins.
FAQs
How much is DOGE right now?
The price currently trades above $0.145, following a recent market rebound to the upside.
Should I buy or sell Dogecoin?
Following a strong market rebound, the price is a bearish short-term action as market has been uncertain on the next price movement
Is XRP bullish or bearish?
The price of XRP remains within a range, as it needs to break above $2 to the upside to initiate a clear rally.
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