XRP Price’s recent decline has raised eyebrows and generated buzz in trading circles. Austin Hilton, a reputable crypto analyst, recently shed light on this intriguing development in one of his YouTube sessions.
Analyzing the Broader Picture
Hilton noted that the decline isn’t isolated to just XRP. Despite a concerning 5% drop for XRP, the wider crypto market hasn’t been performing stellarly either. Bitcoin and Ethereum have recorded declines of 6%. The analyst highlights that the reduction began when XRP took a plunge from the $0.50 mark to $0.47, registering a nearly 6% decrease.
According to Hilton, a closer look at the XRP and Bitcoin charts reveals that they echo each other in terms of movement. Both have recently sunk below their respective support levels. While Bitcoin bounced back from around $25,100 about three times, it has now hit the $24,950 range. Similarly, XRP was consistently hitting the $0.49 bracket before it slid to $0.46.
September’s Historically Unfavorable Outlook
Historically, September hasn’t been generous to the crypto market. Hilton recalls that in eight of the last ten years, September concluded with the market tinted in red.
The impending court decision on the FTX liquidation situation is another pivotal point for the crypto sphere, he says. This verdict could lead to the potential offloading of $685 million worth of assets. The court’s ruling might influence the fate of assets ranging from Solana and Bitcoin to Ethereum and others.
The Larger Market Scenario
Hilton stresses the importance of upcoming macroeconomic data. He mentions the Consumer Price Index (CPI) report, followed by Retail Sales Data. Additionally, in about nine days, the Federal Reserve FOMC meeting is scheduled.
The analyst is emphatic in stating that the movement isn’t exclusive to XRP. It’s a coordinated shift affecting the entire crypto universe. The trajectories of Bitcoin and XRP are intertwined, and their charts bear striking resemblances. Thus, it’s important to not see XRP’s decline as an isolated incident but rather as part of the broader market dynamics.
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