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Why Is Ripple’s (XRP) Price Down Today (October 7)?

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The uncertainty in the cryptocurrency markets returned in the past 12 hours or so as BTC was stopped at $104,000 and pushed south toward $100,000, a level which it managed to defend so far. Its downfall, though, dragged most altcoins with it, and XRP is in fact one of the poorest performers daily, which is rather surprising given some of the positive developments around it in recent days.

So why is that?

Good Ripple News

Aside from several acquisitions made this year, Ripple just held its annual Swell Conference, in which it announced another major milestone. Following a $500 million investment round, led by prominent names such as Fortress Investment Group, Marshall Wace, Citadel Securities, and Pantera Capital, the company’s valuation skyrocketed to a whopping $40 billion.

The firm also partnered with Mastercard, WebBank, and emini to expand the use of its own stablecoin, RLUSD, on the XRP Ledger. The idea is to enable the stablecoin to be used for blockchain-based payments between Mastercard and WebBank.

Another piece of bullish news came from the on-chain sector, which showed that 21,595 new XRP wallets were created in the span of just two days. This is the largest such increase in eight months.

Additionally, the XRP Ledger continues to enjoy healthy engagement levels, as one of the native DEXes hit a new all-time high in terms of daily transactions of over 950,000.

But Why Down, XRP?

Perhaps the most evident reason behind the asset’s nosedive today is the overall negative market sentiment, as most cryptocurrencies are in the red daily and weekly. However, XRP has slipped by more than 4%, while the rest of the larger-cap digital assets are down by around 1%-1.5%.

Whales’ behavior could be attributed to this downfall as they have been consistently selling off significant portions of the asset, including disposing of 900,000 tokens in just five days.

Consequently, some analysts have turned bearish on XRP, at least for the short term. As reported on Tuesday, IncomeSharks warned that Ripple’s cross-border token could soon dip below $2 again, which could open the doors for a “buy-the-dip” opportunity.

For now, XRP is fighting to stay above the $2.20 support following a massive 23% monthly decline. It also continues to fight off BNB for the fourth place in terms of market cap, and so far, it has the advantage, but it’s pretty narrow.

XRPUSD. Source: TradingView
XRPUSD. Source: TradingView

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