XRP Price Drops Below $0.5 as Ripple Faces Criticism Over XRP Sales - COINTURK NEWS
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XRP Price Drops Below $0.5 as Ripple Faces Criticism Over XRP Sales

3:03 pm (56 days ago)
October 11, 2023

XRP faced a decline in price after reaching $0.55 and is now trading below $0.5. According to the 24-hour price movement, XRP experienced a 1.8% decrease and was trading at $0.48804.

The price drop was not limited to XRP alone. Bitcoin also saw a decrease of 1.16% and is currently priced at $27,100. Ethereum, the leader among altcoins, is finding buyers below $1,600, at $1,557.

Current Situation of XRP Coin

Criticism is growing towards Ripple and its officials. The decision to send a significant portion of XRP, which the company unlocks monthly, back to escrow accounts is raising questions.

Crypto commentator Alter Diego expressed concerns about XRP’s escrow wallets on X (formerly known as Twitter). He pointed out that despite Ripple’s regulatory approval, the company keeps XRP sales low, which could increase rumors about the company supporting the XRP price.

Diego stated on X:

The fact that Ripple couldn’t even sell half of the monthly $XRP escrow release after achieving clarity should tell you everything you need to know about this crypto.

Another XRP follower, Julian Williams, stated that regardless of the decision Ripple makes, it will raise questions. He mentioned that if the XRP in the wallet is sold in a possible scenario, it could turn into an accusation against Ripple.

XRP Price Prediction

A major breakout is approaching in XRP price. The daily chart shows a symmetrical triangle formation. After a possible confirmation, sharp movements in price can be expected. Additionally, when considering the token’s 21-day, 100-day, and 200-day EMAs, XRP is trading below all three major moving averages.

The Relative Strength Index (RSI) has returned to the neutral 50 level, ending the climb to the overbought zone at 60. After this movement, the chart appears to be heading towards the oversold zone. If XRP bulls fail to show strength and cannot hold the support level at $0.48, the decline may deepen.

If there is no price recovery at the $0.48 level, investors may abandon XRP and turn their attention to other altcoins. Holding the support level at $0.48 could halt the selling pressure and provide an opportunity for bulls to regain control.

Disclaimer: The information in this article is not investment advice. Investors should be aware that cryptocurrencies are highly volatile and should conduct their own research before making any transactions.

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