XRP Draws a Downtrend and Has Pulled Back Over 28%
XRP slips from its position of being the top 3 cryptos in the market to now being positioned below Tether at 4th place in the global market due to no notable gain in momentum so far. However, XRP is often compared to many lucrative altcoins of the market, which otherwise were least known so far.
In this regard, Ripple—the platform is making it all worth to gain enough impetus as it expands its Bank Secrecy Act Compliance and is seeking to hire a Bank Secrecy Act Investigation Analyst. In this regard, Ripple’s BSA Analyst will be concentrating on observing investigations on the XRP ledger.
#Ripple is expanding its Bank Secrecy Act Compliance team and seeks to hire a Bank Secrecy Act Investigations Analyst
They will file reports with FinCEN and other law enforcement agencies@Ripple's BSA Analyst will be focused on monitoring investigations on the #XRP Ledger pic.twitter.com/Y2db9PsfSO
— XRPcryptowolf (@XRPcryptowolf) September 23, 2020
Moreover, it was in the recent update that Ripple’s CEO and angel investor Chris Larsen moved 499,999,979 XRP, which is giving a whale alert transaction. Will this lead to any pump and dump in the price? Well, the current price movement is absolutely bearish as the market sentiment suggests, and XRP is trading at $0.232.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 499,999,979 #XRP (115,847,491 USD) transferred from Chris Larsen to unknown wallet
— Whale Alert (@whale_alert) September 22, 2020
XRP Price Analysis
XRP, at the time of penning down this analysis, was trading below $0.25 at $0.23 with a notable downtrend on the above 24-hour chart against the greenback. With a bearish sentiment prevailing in the entire crypto market, XRP is serving no exception to the trend and has already breached the lower Bollinger Band from a continuous dip from $0.32 price area.
The Bollinger Bands do not show any trading extremities, but the coin has definitely waived off major gains over the past 30 days now, and as we near the end of the ongoing quarter, the major altcoins, including XRP, are doing no good.
However, if we compare the movement of XRP/USD at the onset of the ongoing quarter in July, it was spurring with a steep height at $0.32 and now has pulled back by over 28% so far. The MACD on the 24-hour chart is confirming the bearish divergence. The RSI is also inclined towards the support and is at 40.06, slightly above 30, yet inclined to the bottom.