XRP melts like butter in a hot frying pan
The Ripple token pulled back by more than 20% from its three-year high which sparked the current decline and the larger correction.
XRP experienced a considerable decline from its most recent three-year high of about $1.26, even though the technical setup for the asset’s long term remained positive. After falling 5% over the past day, XRP is now worth $1.09 on November 19.
XRP has set off a highly impetuous movement in the short term, price action must digest this bullish phase for momentum indicators to cool,. Although a quick revival is not impossible, it is more likely to pause to create a stable and long-lasting rise. $28 million was virtually liquated in the last 24 hours at the XRP futures market has long positions got evaporated.
Donald Trump’s reelection as US president was the main driver of the 130 percent rally in November that preceded XRP’s price decline. Shorter time horizons affirm the crypto asset relative strength index is above 70, indicating “overbought” conditions.
XRP bearish signals confirmation bias are strong in the short term. According to TradingView data, the token is in an oversold market condition. Furthermore, the signal line in the Moving Average Convergence Divergence (MACD) indicates a negative trend since it is below the MACD line.
XRP’s price further indicates the possibility of additional drops based on these technical indicators. It must try to recover its price by leveraging the present positive momentum if the altcoin is to see upward movements. Additionally, the market price of the token was negatively impacted by Ripple’s ongoing lawsuit.
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