XRP Stays Down Ahead of U.S. Inflation, Bug Fix Confirmed
Ripple (XRP) kept its bearish pose, struggling to break the $1.40 mark ahead of the U.S. consumer price index report scheduled for Oct. 14. Struggling to recover from a recent fall, the token is down 1.07% in 24 hours to $1.37 on the back of a broader rotation out of altcoins.
This shift is confirmed by rising Bitcoin dominance and a bearish technical rejection at a key resistance level. The broader market is rotating capital away from altcoins.
Bitcoin dominance rose to 59.91% in 24h, indicating a defensive tilt toward the market leader. This macro shift puts downward pressure on alts like XRP, which fell while BTC rose.
The XRP Ledger Foundation confirmed that a recently patched vulnerability did not create new XRP and the ledger’s 100-billion supply remains intact.
The bug, an integer overflow that has existed since 2015, could theoretically have enabled massive unauthorised issuance but required complex, deliberate exploitation.
This is bullish for XRP. The swift, coordinated fix by developers and validators demonstrates robust network security and governance, reinforcing trust in the protocol’s foundational scarcity guarantee.
XRP’s drop is less about its own fundamentals and more about capital flowing out of the altcoin sector amid market uncertainty.
Recent news, including Evernorth’s Nasdaq debut and Standard Chartered’s RLUSD custody launch, failed to provide bullish momentum.
Evernorth Holdings, a company holding roughly 473 million XRP in treasury, completed its merger with a SPAC and began trading on the Nasdaq under ticker XRPN.
Shares closed 1.38% higher at $16.91 on its first day, though an early rally faded. The debut provides a public equities avenue for XRP exposure but does not directly create new token demand.
This is neutral for XRP. It expands institutional access channels, but the company’s equity performance is decoupled from the token’s price, which fell 3.5% on the same day. Future impact hinges on Evernorth’s capital deployment within the XRP ecosystem.
Technically, XRP is trading below its 50-day average of $1.395 and 200-day average of $1.40, indicating bearish momentum without being oversold.
The absence of a positive price reaction to news suggests the market is focused on broader risk factors. The technical breakdown confirms selling pressure.
A daily close above the $1.40–$1.45 resistance cluster to signal a potential trend change.
The immediate support to watch is the $1.38 level, aligned with the 60-day moving average. If this holds alongside the upcoming U.S. CPI data on October 14, a rebound toward $1.45 is the base case.
The risk case is a break below $1.38, targeting the major demand zone between $1.25 and $1.32. Traders said the near-term direction hinges on holding technical support and the market’s reaction to macro data.
In a commentary note, crypto analysts said the $1.38 support level and the CPI print are key; a hotter-than-expected reading could intensify selling pressure across risk assets.
XRP is caught in a sector-wide sell-off, with bearish technicals overriding recent ecosystem developments. Holding key support is critical to prevent a deeper correction.
According to reports, U.S. spot XRP ETFs recorded $0.00 in net flows on October 12, marking the fourth day in October with no capital movement. Total net assets held steady at approximately $1.55 billion, representing about 1.79% of XRP’s market cap.
This is bearish for XRP. The persistent lack of inflows suggests short-term institutional demand has stalled, failing to provide a catalyst to counter the token’s recent price weakness amid broader market caution. Price Increases 110bps as Ripple’s XRP Attracts Capital
