As of 14:00 Greenwich Mean Time on October 27, 2023, xrp price today was $0.519 (CoinMarketCap #CMC257), with a 24-hour volume of $940 million. Its market capitalization rank remained sixth among cryptocurrencies ($27.6 billion). It was up by 2.3% from the prior day, but still dropped 84.7% from the all-time high of $3.40 in Apr 2021. Price action is subject to several influences: With regards to the progression of the SEC case in the United States, Ripple submitted further evidence of the Hinman document (a 2018 internal memorandum of the SEC) to the court, which made xrp price today move up by 4.1% within 45 minutes of the news release. Yet, the possible appeal risk of the SEC (estimated at 55% by Bloomberg Law) limited the gain. The price failed to break through the resistance level of $0.53.
On-chain metrics show that the whale address, which holds over 10 million XRP, accumulated 15 million (around 7.78 million US dollars) in its position at the 0.50 US dollar support level, amounting to 0.3% of the total outstanding supply (Santiment #SANAPI), which pushed Binance’s perpetual funding rate to 0.012% (long-dominated). Still, technicals point to near-term pressure: the RSI (14th day) at 54.8 (neutral to mildly bullish), Bollinger bands have narrowed to $0.495-$0.535, and the 4-hour MACD histogram has slightly turned negative (-0.0001), reflecting the intensification of the tug-of-war between bulls and bears. In terms of market sentiment, social media platform X (formerly Twitter) conversation volume regarding “Ripple and the IMF’s Middle East pilot expansion” increased by 72% on a weekly basis, but the weighted sentiment index was only -0.33 (LunarCrush #LUNARCRUSH), which indicates investors’ concerns about regulatory uncertainty.
Exchange dynamics exert a deep impact on price distribution. The XRP/KRW pair on South Korean exchange Upbit accounts for 23% of the total volume, and the premium rate is currently at 3.8% (CryptoQuant #CRQ001). The flow of arbitrage funds caused the volatility of xrp price today in the Asian session (on the 5-minute level) of 1.2%, which was higher than 0.6% during the European and American sessions. In the derivatives market, OKEx quarterly contracts’ premium rate was -0.6% (dominated by short sellers), and the open interest volume decreased by 12% (Coinglass #CGDATA). Meanwhile, the leverage ratio of BitMEX’s XRP/USD perpetual contracts was still 2.5 times, fewer than Bitcoin’s 3.8 times, which indicates that institutional traders have a lower risk appetite.
At the macro level, the probability of the Federal Reserve raising interest rates in November soared to 93% (CME FedWatch tool), and the US dollar index (DXY) rose to 106.5, causing the overall market capitalization of cryptocurrencies to decline by 2.8% within 24 hours. The 30-day correlation coefficient between XRP and Bitcoin decreased to 0.49 (historical median 0.71), highlighting its independence driven by special events. Shares of Ripple’s partner MoneyGram (NYSE:MGI) declined by 3.8%, dragging down market confidence in its cross-border payments business with an average daily settlement volume of $220 million (Q3 financial report).
On the technological improvement front, XRP Ledger’s AMM pool’s total value locked (TVL) increased to 58 million US dollars, though at 0.21% of circulating market capitalization, it was only a small injection into xrp price today. On-chain transfer speed remains 1,500 transactions per second (XRP Scan blockchain browser), but median network fee remains $0.0002 and cost efficiency is 3,700 times that of Ethereum. Regulatory risk warnings indicate that after the UK FCA added XRP to the list of “assets to trade with caution”, the trading volume of local exchanges dropped by 41% weekly (FCA Compliance Report #2023-ALERT-47).