XRP Price Crash: Will It Slip Further? Analyzing Factors after a 9.9% Fall This Week

The XRP price crash has witnessed a massive fall of at least 9.9% this week. On September 30, the price was nearly $0.6412. In just under four days

The XRP price crashed by at least 9.9% this week. On September 30, the price was nearly $0.6412. In just under four days, it slipped to a low of $0.5118. It seems that the move by the US SEC to appeal against a federal court ruling favoring XRP’s claim that it is not a security, and the unexpected escalation of the Israel-Iran conflict to an unprecedented level, have had a huge impact not only on the XRP market but also on the entire cryptocurrency market.

Notably, top cryptos like Bitcoin, Ethereum, BNB, and Solana have also experienced a similar drop during the period. The prevailing fear in the market right now is whether the price will slip further. Let’s analyze various factors to evaluate the possibilities! Ready?

Whales Offload XRP to Exchanges 

Binance’s XRP reserve recently increased by 135 million XRP. A rise in the exchange reserve of a cryptocurrency generally happens when investors unload their holdings onto the exchange, fearing further price drops. In that sense, XRP investors anticipate the possibility of a market decline. Not only Binance, but Bitso and Bitstamp have also confronted similar situations lately. The overall picture this gives is that the XRP price crash has pushed the market into a bearish zone. 

Why This Sudden Fall in the XRP Price?

As mentioned in the introduction, right now, we can only point to two incidents to blame for the XRP price crash. The primary one is the recent decision of the United States Securities and Exchanges Commission to appeal against a federal court verdict, which declined to accept the regulator’s argument that XRP is a security. Earlier, many experts predicted that if the US SEC chose to appeal the federal court ruling favoring XRP, it would trigger a huge impact in the XRP market. For that reason, for the market, the decline was not a surprise. 

But what made things worse is the second incident. It acted as a catalyst to pull the market downward. Not many expected that all of a sudden, the Israel-Iran crisis would escalate to a disastrous level. It crushed the final hope of the market recovering from the damage caused by the SEC’s action.

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