As of 25th October, 2023, XRP cost $0.52 in USD, up by 3.7% within the last 24 hours but down by 84.7% from its all-time high of $3.40 in April, 2021. The market capitalization stands at approximately 27.6 billion US dollars, ranking sixth on the cryptocurrency lists. Its 24-h volume of transactions totals 1.23 billion US dollars (Binance contributes 35%), and the top 10 trading volume concentration are 78%. Its 30-day correlation with the price of Bitcoin is 0.62 per CoinMarketCap statistics (-1 to 1), showing that its market fluctuations are influenced to some extent by mass currencies.
From a technical indicator point of view, the daily XRP RSI (Relative Strength Index) is 48.3 (30-70 is the neutral range), the MACD histogram is negative (-0.002), short-term resistance is at $0.55 (the October 2023 high), and support is at $0.48 (September’s low). On-chain data show that in the past week, “Whale Address” (with over 10 million XRP) increased its balance by 120 million XRP (about 6.24 million US dollars) to its holdings, which is 0.25% of the supply. This might be an indication that some are making bets on a recovery of the price.
Legal events have a significant influence on xrp price usd. When the US SEC sued Ripple in December 2020, its price dropped 58% within a day, and the wave of delistings by exchanges created a lack of liquidity. In July 2023, the court ruled that “XRP itself is not a security,” and its price surged by 75% to $0.82. But the risk of appeal by the SEC still kept the price volatility (30-day annualized) at 68% (higher than Bitcoin’s 52%). US exchanges such as Coinbase have re-listed XRP now, and its share of trading volume has regained 22%.
On the sentiment side, Santiment data indicates social discussion volume of XRP increased 42% week-on-week but weighted sentiment was -0.73 (overwhelming negative) mainly about the progress of the SEC lawsuit and the speed of Ripple’s cross-border payments adoption (now in 40 countries with a daily settlement value of 240 million US dollars). Derivatives market shows Binance’s XRP perpetual contract funding fee is 0.01% (paid by longs), open interest volume is 740 million US dollars, long-short ratio is 1.2:1, and leverage popularity is mid-level.
At a macro perspective, expectation that the Federal Reserve will raise the interest rate constrains the value of XRP in USD. While the Federal Reserve raised interest rates by 425 basis points in the course of the year 2022, the XRP price fell behind by 62%, compared to the Nasdaq index (-33%). But Ripple’s Middle East pilot for cross-border payments with the IMF (with an average daily processing volume of 50 million US dollars) can be positive for long-term value. Bloomberg analysts predict that in case of the complete settlement of the SEC suit, XRP can rebound to the $1.2- $1.5 range (a 130-188% rise), but beware of the risk of a price withdrawal to $0.35 due to ongoing regulatory volatility.