Ripple’s XRP was priced above $3 but fell in the charts during October. Following the recent market collapse, after Trump announced 100% tariffs for China, altcoin’s price plummeted down to around $2.3. On Wednesday it recovered, reaching $2.50. It also grew 2% during the trading day.
Ripple’s price drop indicates that it could be experiencing more decline. This is because its 24 hour trading volume has dropped over 40% since last week. Last week, the daily trading volume was $10 billion. Now it is $6 billion.
Ripple’s price could be affected by the reduced trading volume due to development indicators. This article will focus on three factors that may push the altcoin up to $1.
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Ripple’s price could fall to $1
1. SEC Regulatory Rejection
You can also use the US Securities and Exchange Commission (SEC) rejects the XRP ETFRipple’s token native could drop in price. The SEC is expected to make a decision in November. Several traders have taken positions hoping that the ETFs will be approved. If the SEC rejects the ETFs, the altcoin could be impacted and threaten the $1 mark.
2. Escalating trade wars
Trump’s wars on trade are intensifying and show no sign of returning to normal. US President Donald Trump imposed 100% tariffs against China and markets crashed on Friday. The broader financial markets, and Ripple’s XRP, may face volatility if the trade wars persist. The altcoin price could be at risk and point towards $1.
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3. The Technical Analysis
Ripple’s XRP could drop to $2 if the points above are confirmed. If it does not hold onto its resistance level then the altcoin may reach as low as $1.50. It could be worse as a result of a domino selling effect. Exits and panic selling could push the price to $1.
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Source: watcher.guru
