- XRP dropped to $0.65 as selling momentum began to outweigh buying pressure.
- Exchange inflow increased while OBV fell, suggesting a drawdown to $0.60
- Traders should be wary of opening long positions considering the current profit-taking in the market.
At the expense of its holders, the price of Ripple (XRP) has dropped to $0.65. This decrease represents a 9.72% fall in the last seven days, considering that the token hit $0.72 on November 7. The recent price action is in line with the cooling period a lot of altcoins are having.
From the XRP/USD 4-hour chart, there has been a surge in profit-taking as the price fell from $0.67 on November 12. Also, the bulls have been unable to defend the $0.66 support level. One of the reasons for this decline could be linked to the decreasing interest in XRP, as indicated by the trading volume.
So, traders may need to refrain from opening long positions because a decreasing volume, alongside a falling price, is an indication that XRP may not have hit a local bottom yet. Furthermore, the Relative Strength Index (RSI) had fallen below the 50.00 midpoint.
Buyers Look the Other Way
The RSI reading here indicates that th…
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