XRP contracts by 6% in a week after failing to break the psychological barrier at $2.80. The bearish performance erased over $18B in value as a result of heavy selling, much of which took place yesterday.
However, this bearish sentiment may be misplaced and a strong correction may arrive this coming October, which could set $XRP on track to a new ATH.
The case for an $XRP bull in October and, more broadly, for the entire Q4, rests on several strong points.
‘If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.’
– Brad Garlinghouse, CEO, Ripple
But given all this bullish context, why the drop? The answer is simple: because Bitcoin dropped.
As expected, Bitcoin’s performance impacted the whole market, kickstarting mass sales, which further fueled the bearish sentiment.
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This isn’t financial advice. Be sure to always do your own research before investing.
