Ripple and its coin, XRP are struggling mightily these days. Of course, there is a market wide sellout and general sentiment is near all time lows, but the situation is especially tense around XRP.

XRP is down 93% on BTC in the last year while making a tiny recovery in the last 7 days.

Explanation: The Fear & Greed Index tries to reflect investor sentiment in the crypto market. It measures five sources of information and feeds it to its algorithm that spouts out a value like the one above. Sources are volatility, social media, market momentum and volume, dominance and trends.

As you can see by the graph above, the market is in the fear mode right now, even though the situation is getting a bit better as the index stooped to below 20 points last week.

The overall marketcap is still hovering around Fib382 that acts as a support level.

On smaller timeframes, like 1H, the struggle to breakout on either side is visible as the market fluctuates around its moving averages.

After hitting its 2-year low against BTC on September 7th, XRP recovered somewhat to the current 2940 sats.

The Fib786 line is next resistance in line for XRP as it attempts to claw back up to the May and June values. This zone at around 3000 sats is a familiar territory for XRP as it spent a week hovering around this value back in July.

With a low trading volume (actual volume according to messari is around $24 milllion, overstated almost 10x to the reported volume around $190 million), XRP bulls are having a tough time to justify their sentiment.

XRP will have to wait for a market wide recovery that will most likely pick it up and give it a small price boost alongside other altcoins.

Gloomy mood and frustration is palpable in XRP communities, especially in their subreddits. People are barking at each other, downvoting both XRP positive and negative comments, a total mayhem.

That is also well illustrated and supported by the data from Omenics.com as seen below:

Ripple has made its first move towards building decentralized finance (DeFi) products based on XRP.

With its acquisition of decentralized payments platform Logos Network, Ripple’s investment arm, Xpring, will add nine New York-based engineers. Logos founder and CEO Michael Zochowski will become Xpring’s “Head of DeFi Products.” Xpring did not disclose the price of the deal.

Before joining Xpring, Logos was working to build a payments network inspired by the bitcoin blockchain, with a focus on a scalable, rapid network that still maintains high levels of security.

The post Ripple (XRP) Price Analysis: Disgruntled holders and an all time low sentiment appeared first on CaptainAltcoin.

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