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Tony M. Tony M.
FXStreet

Ripple’s unpredictable back-and-forth nature signals smart money wants full ownership of the big move to come.
Ripple price continues to undergo erratic market behavior during the final days of August. The back-and-forth price action is indicative that a big move is coming. Additionally, FXStreet's News Reporter Ekta Mourya noted last week that the Alt-Coin Index reached new highs during 2022.
"The altcoin season is a period where altcoins steadily outperform Bitcoin. While this event does not guarantee profits due to mass volatility, altcoin season is considered the ideal time for traders to diversify their portfolios," explained Ekta Mourya.
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Alt-Coin Index
Additionally, Ripple price has witnessed a breach of the $0.32 bottom established in July. The breach of the low came in with a large influx of volume on intra-hour time frames. Bulls were likely aiming for higher targets based on the bullish momentum witnessed in August and are now holding a losing position. 
XRP price currently auctions at $0.328. The next bearish targets are $0.28 and $0.24 if the bulls can not prompt an immediate turnaround. Invalidation of the bearish thesis remains at $0.48.
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XRP/USDT 4-Hour Chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team

 

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SEC v. Ripple case has significantly influenced XRP price since the beginning of the legal battle in December 2020. With no updates from the court, Ripple’s legal counsel’s statement defending XRP and its position as a non-security is doing the rounds. 
Solana price has faced the brunt of the FTX fallout as it has been on a downtrend since November 2021. This non-stop nosedive escalated exactly a year later as the FTX exchange came under fire and went under. 
Safepal price (SFP) witnessed a 180% rally in November while the total market cap fell by 25%. A sharp rally occurred during the 3rd trading week of November, establishing a new monthly high at $0.81.
Ethereum price has been shedding since November and shows no signs of stopping as it revisits the November 9 swing lows. This development, while bearish, has produced signals that could hint at a local bottom formation.
BTC has faced the brunt of many industry leaders or significant platforms going bust this year. From Terra’s implosion to FTX’s bankruptcy, the industry seems shaken from a psychological perspective. As investors, an unbiased look reveals that the macro bottom is just one 20% crash away. This forecast takes a fresh look at significant levels and anticipates other scenarios that may evolve for Bitcoin price.
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