XRP Price Faces Bearish Momentum, Likely to Go Beyond $1!

XRP Prices in Downtrend Due to Overall Market Turbulence
  • XRP’s pricing has become bearish below the $1.10 mark.
  • The XRP price looks to be fading.

The drop came less than a week after Bitcoin hit a record high of nearly $69,000, wiping out billions. BTC recovered some value after falling below $60K but just lost it again, and it is now selling for $59K. The top coins dropped around 10% of their value overnight on Monday and again on Thursday, following Bitcoin‘s lead.

XRP’s pricing has become bearish below the $1.10 mark, and it even went over the $1.05 barrier. However, it is again consolidating towards $1.06. Falls might drive the price back around $0.920. However, the SEC’s action will inhibit future innovators, but sound crypto legislation will provide the framework for the sector to prosper.

XRP/USDT: Source: TradingView

XRP whales, considered to be absent, have slowly begun to emerge. Just yesterday, a whale moved approximately $12.7 million in XRP tokens from the medium-tier CoinOne exchange to an undisclosed wallet. Like previous times, the price of XRP reacted to whale transfers.

XRP Price Action

After a good start to November, the XRP price looks to be fading. As of November 10th, the market has reversed momentum, dropping to $1.115 from $1.35.

From $1.2, the currency gained solid support at $1. The bears, on the other hand, are not satisfied and are trying another downward. If they succeed, the bulls have another defense at $0.96. According to CoinMarketCap, the XRP price today is $1.09 USD with a 24-hour trading volume of $3,857,222,152 USD. XRP is up 4.47% in the last 24 hours.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.