In partnership with

What we will talk about today...

Why is XRP Price Down Today?

XRP has dropped by 12.75% in the past 24 hours, hitting a monthly low of $0.511. The decline is mainly attributed to the SEC's appeal in the Ripple lawsuit, along with heightened geopolitical tensions in the Middle East.

• Main Points:

  • XRP drops 12.75%: XRP fell to $0.511 on Oct. 3, primarily due to the SEC’s appeal and Middle East unrest.

  • SEC appeal impact: The SEC’s challenge to the Ripple lawsuit ruling has shaken market confidence, leading to a 16% drop in XRP since the filing.

  • Middle East tensions: Broader market sell-offs triggered by escalating conflict in the Middle East have further pressured XRP prices.

• Detailed Insights:

  • XRP drops 12.75%: XRP’s price tumbled 12.75% in the past 24 hours, hitting $0.511 on Oct. 3. This marks the lowest price for the month, wiping out all of XRP’s September gains.

  • SEC appeal impact: The SEC filed an appeal on Oct. 2 to challenge a court ruling that determined Ripple’s secondary XRP sales did not classify as securities transactions. This legal challenge has sparked uncertainty, causing traders to reduce their XRP exposure as they fear a higher court could overturn the decision.

  • Middle East tensions: The broader market has been affected by escalating tensions between Israel and Iran, prompting investors to flee to safe-haven assets like the U.S. dollar and bonds. XRP, along with European and U.S. stock indices, has suffered from the resulting sell-off.

Related: Bitcoin ETFs See Largest Outflow in a Month Amid Middle East Tensions

A Sharp XRP Price Rebound Next?

XRP’s recent decline comes as part of an ongoing trend within an ascending channel. Historically, XRP has bounced back after hitting the lower trendline, which coincides with the 0.618 Fibonacci retracement level around $0.5165. If buyers return, XRP could climb back to test resistance near $0.65 by October. However, a break below this level could push XRP down to the next support zone at $0.4639.

XRP’s price remains under pressure due to both the SEC appeal and geopolitical instability, but its technical pattern indicates potential for a rebound. However, traders should watch closely for key support levels to gauge the likelihood of a sustained recovery.

Trade Smarter with these Free, Daily Stock Alerts

It’s never too late to learn how to master the stock market.

You’ll receive daily trade alerts sent directly to your phone and email detailing the hottest stock picks.

The best part? There’s no cost to join!

Expert insights will be at your fingertips instantly.

Subscribe Now for Free

Just Clicking The Link Helps Us Continue
For Free Forever

WHAT WE RECOMMEND😉

To have an Invested Mind, we need Entertainment. Here are some Entertaining, Exciting, and Useful sites for You

Just Clicking The Subscribe Button Helps Us Continue
For Free Forever

Bitcoin Traders Stress ‘Bullish’ Market While BTC Price Threatens $60K

Bitcoin’s recent price drop to $60,823 has sparked concerns among some traders, but many analysts maintain a positive outlook. Despite the price slipping by 6% over the past three days, the overall market structure remains bullish, according to key voices in the community.

• Main Points:

  • BTC tests $60,000 support again: Bitcoin has revisited the $60K level, a critical psychological support zone.

  • Analysts remain confident: Despite short-term price dips, market analysts like Rekt Capital and Jelle believe the market structure remains bullish.

  • Profit-taking may fuel dips: Onchain data shows speculators taking profits, potentially offering “buy the dip” opportunities.

• Detailed Insights:

  • BTC tests $60,000 support again: Bitcoin has dropped about 6% in the past three days, falling from two-month highs above $66,000 to the $60,823 level. This marks yet another retest of the $60,000 support level, a crucial psychological barrier that traders are closely watching. However, analyst Rekt Capital argues that testing $60K isn’t unusual and shouldn’t cause panic among investors.

  • Analysts remain confident: Rekt Capital and trader Jelle both stress that Bitcoin’s market structure remains bullish. Rekt Capital noted that Bitcoin has tested the low $60K zone multiple times in recent months, each time with a different narrative fueling fear, yet the bullish structure hasn’t been broken. Jelle echoed this sentiment, emphasizing that Bitcoin is turning key resistance levels into support and advising traders not to get “shaken out.”

  • Profit-taking may fuel dips: Onchain data from the short-term holder spent output profit ratio (STH-SOPR) reveals that speculators are taking profits, contributing to Bitcoin’s recent dip. Analyst Checkmate highlighted that dips below the STH-SOPR’s 1.0 level are often “buy the dip” opportunities in bull markets, signaling that Bitcoin’s current price action could be seen as a stacking opportunity for long-term holders.

Related: Solana DApps Volume Surges by 46% in a Week — Is $180 SOL the Next Stop?

While Bitcoin’s recent price action has triggered concerns about a potential drop below $60,000, the broader market outlook remains optimistic. With support still holding and market structure intact, many traders view the current dip as a buying opportunity rather than a bearish signal.

Bitcoin is Again Forming a ‘Three Blind Mice’ Trading Pattern: Peter Brandt

Bitcoin’s price is showing signs of weakness as it forms the “three blind mice” trading pattern, according to veteran trader Peter Brandt. This pattern, often associated with bearish continuation, signals that Bitcoin may face further declines in the coming days.

• Main Points:

  • Peter Brandt's warning: Bitcoin is forming the “three blind mice” pattern, suggesting potential for further downside.

  • Ongoing downtrend: Brandt highlights that Bitcoin’s recent rally hasn’t disrupted its 7-month trend of lower highs and lows.

  • Geopolitical concerns: Global tensions, especially in the Middle East, are adding to market fears, driving Bitcoin's 7.1% drop over the last three days.

• Detailed Insights:

  • Peter Brandt's warning: In an Oct. 2 post on X, Peter Brandt pointed out that Bitcoin is forming the “infamous Three Blind Mice and a Piece of Cheese” pattern, often seen as a continuation indicator. This suggests that Bitcoin’s recent price action is likely to follow the current downtrend, potentially leading to further declines.

  • Ongoing downtrend: Brandt emphasized that despite Bitcoin’s brief rally, the asset is still in a downtrend. He noted that Bitcoin’s price has yet to break out of its 7-month sequence of lower highs and lower lows. Only a close above $71,000 would confirm the reversal of this bearish trend.

  • Geopolitical concerns: Bitcoin’s price has dropped 7.1% in the past three days, erasing nearly two weeks of gains. This plunge coincides with escalating geopolitical tensions in the Middle East and growing concerns about the strength of the U.S. economy ahead of the 2024 election, further weighing on investor sentiment.

Related: Bitcoin Drops Below $62,500 Amid News of Iran’s Imminent Missile Attack on Israel

With Bitcoin’s price still in a downtrend and forming a bearish pattern, traders may need to brace for more downside. The combination of technical analysis and external geopolitical factors could further influence Bitcoin’s price trajectory in the near term.

CAN YOU PREDICT THE PRICE?

HOW DID WE DO? 🤷

Stay Tuned For More Twists and Turns in
🚀The Crypto World & Happy Investing🚀

This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results