After nearly a full week of sustained growth, XRP finally corrected itself—in the opposite direction—canceling the price gains from the last two days.
The token went from $0.282 to a daily low of $0.266. It then went back up to the $0.273 zone where it currently sits, according to data from TradingView.
The trend seems to be following in Bitcoin’s steps, in a way—a sharp fall at the end of September, and a slow recovery that, while sustained, still presents some difficulties to continue.
The trading volume has not shown unusual movements either, which means that, contrary to popular belief, there is currently no evidence of an XRP dump or price manipulation.
If Ripple is indeed selling off millions of dollars-worth of XRP, it is most likely doing so in OTC markets without pressing XRP downwards in spot exchanges—at least at first glance.
For those trading using XRP to stack BTC, things look much better. XRP has been rising since the beginning of September, and the token has increased in price from 2,400 satoshis to 3,188 satoshis in just one month, according to TradingView.
The outlook looks somewhat lackluster for long-term hodlers. Since January 2018, the token has not abandoned its bearish trend, but it isn’t showing signs of bottoming out either. This month the bears tried to push the token down, bringing it below a historic support close to $0.24, but failed to sustain that trend.
At the moment, XRP performed in the green over the previous month, experiencing a 25 percent growth.
The Relative Strength Index (RSI)—which reflects how oversold or overbought a cryptocurrency is—is in a very, very neutral zone and has remained so throughout the year. That means traders can expect things to remain more or less stable for the long term, though the market is currently more dynamic for those who trade faster.
For the next few days, at least, it may be worth following the BTC charts to see how XRP traders react.