Skip to content

XRP lost 45% value since July’s pump as fear now surges

XRP lost 45% value since July’s pump as fear now surges

XRP went from $0.47 to a local high of $0.93 in July amid sentiment shifts as the Ripple v. SEC case brought seemingly positive news to XRP investors, after Judge Analisa Torres’ decision about what would, or would not make the token a security.

According to data retrieved by Finbold on August 23 about the XRP/USDT trading pair on Binance, the token’s price fully retraced from its upside movement. Going from $0.938 to $0.422 in 35 days, registering a total loss of 55% from the highest to the lowest points on the chart.

The aggressive retrace occurred as all cryptocurrencies saw a massive exit of $200 billion (-17%) in total market cap, according to data retrieved from TradingView.

XRP price slightly corrected upwards, registering losses of 45% from its highest value in July, to current prices at press time, of $0.52 per token, in 41 days.

XRP retrace
XRP/USDT 1-day candles price chart. Source: TradingView (Vinicius Barbosa @ Finbold)

XRP suffers as the market sentiments now favor ‘fear’ over ‘greed’

After weeks in a row of neutral sentiment in the cryptocurrency market, according to CoinMarketCap’s Fear & Greed Index, the general feelings finally chose a side, expressing a dominating sentiment of ‘fear’, instead of ‘greed’.

Fear surges for the crypto market
Fear & Greed Index. Source: CoinMarketCap

Fear usually surges during high-volatility movements toward a negative performance, favoring the market ‘bears’. Right now, the index marks 34 points, where 1 is for extreme fear, and 100 for extreme greed.

Interestingly, during the XRP pump in July, metrics retrieved by Finbold from the Santiment show a direct correlation between ‘Social Dominance’ — usually reflecting a positive sentiment — and XRP’s price.

XRP price and social dominance retrace
XRP Social Dominance v. Price. Source: Santiment (Vinicius Barbosa @ Finbold)

With a growing fear as sentiment in general for the whole market, both XRP’s price and social dominance have pivoted to a down-trend after the previous brief moment of extreme greed for  the token.

Besides the positive news about the SEC case, the sentiment over XRP was also positively impacted on August 9, with the news about Ripple being chosen by the Bank for International Settlements (BIS) as part of their international payments task force.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD

Read Next:

Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Sign Up

or

By submitting my information, I agree to the Privacy Policy and Terms of Service.

Already have an account? Sign In

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.