Why Is XRP Down Today? Is A Correction Or Ascent In Sight For Ripple?

Ripple underwent a major correction over the weekend, and its price tanked to $0.59 at press time. XRP was trading at $0.61 and was pushed to lower levels of $0.57 before eventually catching up and hitting $0.59.

At press time, the token is down 0.93%, and it seems like it may recover its lost momentum soon. But what caused its correction, and why is it important to know? Let’s find out.

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XRP Plummets Due To Ripple’s Co-Founder 40M Transaction: What’s Happening

Despite its major win against the US SEC, the price of Ripple is still undergoing a vital consolidation phase. The token is yet to hit a significant price milestone and is consistently battling an intense resistance level of $0.60 to adopt a bullish pace ultimately.

In the middle of it, XRP co-founder Chris Larsen’s wallet was found making an online transaction. The recent transactions have become a centre of speculation and scrutiny, shedding light on whether they caused XRP’s recent correction.

Larsen’s wallet was noted for transferring 40M XRP. At the same time, the token’s impending case with the US SEC is also in the final stages. The lingering suspense is also actively hindering XRP’s future price prospects.

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The Token’s Future Price: Is October Ushering In A New ATH For The Crypto?

According to CoinCodex, XRP might be in for a stellar price rise this October 2024. CC shares that the token may surge 19% to hit $0.71 by the next month.

Image: CoinCodex

“According to our current XRP price prediction, the price of Ripple is predicted to rise by 19.95% and reach $0.712079 by October 23, 2024. Per our technical indicators, the current sentiment is bullish while the Fear & Greed Index is showing 50 (neutral). Ripple recorded 16/30 (53%) green days with 4.08% price volatility over the last 30 days. Based on the XRP forecast, it’s now a good time to buy Ripple.”

XRP is poised for remarkable price heights despite the erratic internal developments, provided the token continues to leverage the current market momentum and support.

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