A worsening Israel-Palestine conflict and whale transactions totaling millions of dollars are two factors that have pushed the price of XRP lower today.
XRP price is down today, mirroring declines witnessed elsewhere in the cryptocurrency market.
On Oct. 10, XRP’s price dropped nearly 1.5% to $0.50, bringing its week-to-date returns to -4.5%. The token’s sell-off in the week mirrored bearish sentiments across the top-ranking crypto assets, with Bitcoin and Ether down 1.8% and 3.5%, respectively.
![XRP Price Down Today as Crypto Market Struggles 097ed02d 7fc6 4ef0 8fde 8d4a55d3c7b1](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/097ed02d-7fc6-4ef0-8fde-8d4a55d3c7b1.png?ssl=1)
![XRP Price Down Today as Crypto Market Struggles 097ed02d 7fc6 4ef0 8fde 8d4a55d3c7b1](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/097ed02d-7fc6-4ef0-8fde-8d4a55d3c7b1.png?ssl=1)
Let’s take a close look at the catalysts moving XRP’s price lower today.
XRP drops amid Israel-Palestine conflict
Crypto traders have ditched most top cryptocurrencies in the face of an escalating Israel-Palestine conflict. XRP is no different.
For instance, the crypto market’s total capitalization has dropped by over $32 billion since Hamas attacked Israel over the weekend. On the other hand, demand for traditional safe havens like U.S. Treasurys and gold has jumped.
![XRP Price Down Today as Crypto Market Struggles c1b237c0 070f 44bd 93f8 1448cac9d85b](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/c1b237c0-070f-44bd-93f8-1448cac9d85b.png?ssl=1)
![XRP Price Down Today as Crypto Market Struggles c1b237c0 070f 44bd 93f8 1448cac9d85b](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/c1b237c0-070f-44bd-93f8-1448cac9d85b.png?ssl=1)
Cryptocurrencies’ immediate reaction to geopolitical conflicts has been mostly negative in the past. For instance, the crypto market’s valuation dropped over 11% when the Russia-Ukraine conflict broke out on Feb. 24, 2023. The market pared most of these losses shortly after.
Related: Crypto outflows continue for 6th week, XRP and SOL buck trend
XRP’s decline this week further coincides with massive token transfers over the weekend and at the week’s beginning.
On Oct. 9, an address associated with Ripple moved 60 million XRP worth about $30 million to an unknown wallet, data resource Whale Alert updated. Another wallet transferred over $15 million to the Bitstamp crypto exchange.
XRP technical analysis hints at 50% crash in 2023
From a technical perspective, XRP’s recent price action has painted what appears to be a bump-and-run-eversal (BARR) pattern.
BARR forms when excessive speculation drives an asset’s price higher speedily, eventually leading to a “bull trap” situation. The pattern is confirmed after the price breaks below its lead-in trendline, falling by as much as its maximum height, as illustrated below.
![XRP Price Down Today as Crypto Market Struggles 5ea8cc7b f211 4de0 b08f 40f08e2ed458](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/5ea8cc7b-f211-4de0-b08f-40f08e2ed458.png?ssl=1)
![XRP Price Down Today as Crypto Market Struggles 5ea8cc7b f211 4de0 b08f 40f08e2ed458](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/5ea8cc7b-f211-4de0-b08f-40f08e2ed458.png?ssl=1)
Thus, the bearish target for XRP price in this scenario is a 50% drop to $0.25 over the next few months.
Conversely, the downside outlook may become invalid if XRP price reclaims the lead-in-trendline and its 50-3D (the red wave) and 200-3D (the blue wave) exponential moving averages (EMAs) as support.
![XRP Price Down Today as Crypto Market Struggles db69a557 8843 467f 9b84 e1d4e1e00af2](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/db69a557-8843-467f-9b84-e1d4e1e00af2.png?ssl=1)
![XRP Price Down Today as Crypto Market Struggles db69a557 8843 467f 9b84 e1d4e1e00af2](https://i0.wp.com/s3.cointelegraph.com/uploads/2023-10/db69a557-8843-467f-9b84-e1d4e1e00af2.png?ssl=1)
This bullish case would put XRP’s price next upside target at its 0.236 Fib line near $0.69, up around 40% from current price levels.
Related: Ripple CTO Calls for Community Support to Add AMM Feature to XRPL