Market Downshift: XRP Falls, Ethereum Seeks Stability - October 17 Overview
XRP and ETH face significant declines, while Solana struggles to maintain its value. Analysis of recent market movements for these cryptocurrencies.
At the beginning of this week, Ripple’s XRP attempted to rebound from the downturn experienced on October 11, yet the current price situation remains bleak. Ethereum (ETH) and Solana (SOL) have similarly faced considerable losses. Here’s an overview of the key developments regarding these three cryptocurrencies.
XRP Struggles Again
It has been exactly a week since Ripple’s XRP token fell below $2 amidst a market crash. After several days, the bulls attempted a resurgence, lifting the price above $2.60 on October 14. However, the bearish trend returned, and as of this moment, XRP is trading around $2.21, reflecting a daily decline of 9% and a weekly drop of 21%.
XRP Price
XRP Price, Source: CoinGecko
Some analysts warn the downtrend could accelerate soon. X user Lark Davis argued that XRP must close weekly above $2.80 to avoid further decline. CRYPTOWZRD suggested that Ripple’s token might see more losses if Bitcoin (BTC) continues to drop, currently hovering around $105,000, a 5% decrease today.
On a positive note, XRP bulls announced that Ripple has agreed to acquire GTreasury for $1 billion, leading some, like X Finance Bull, to speculate it could drive the token’s price to $1,000. However, such a target seems far-fetched at this time.
What’s Next for ETH?
Ethereum, the second-largest cryptocurrency, has dipped to nearly $3,700, witnessing a drop of 14% over the past week.
ETH Price
ETH Price, Source: CoinGecko
Ali Martinez warned that ETH is nearing a bearish Moving Average Convergence Divergence (MACD) crossover weekly, recalling that previous instances led to significant price drops of 43% to 61%. Ted chimed in, suggesting that Ethereum may retest the support level around $3,600, emphasizing a need to regain $4,000 soon for strength.
The Situation with SOL
The token of Solana is also facing serious challenges, down 18% weekly, currently trading below $180.
SOL Price
SOL Price, Source: CoinGecko
Earlier, when SOL was valued above $200, there were forecasts of a surge to $260. Recent predictions suggest that a significant upward trend may occur if SOL breaches the resistance at $210.
