Ripple Labs’ cryptocurrency XRP, like Bitcoin (BTC) and most digital assets, has been unable to escape bearish pressure and its price has fallen.
At the time of publication of this note, XRP is trading at $2.18, 40% below its all-time high (ATH) of $3.65.as seen in the following graph.
The chart shows a purple area indicating the support zone between $2 and $2.20. In technical analysis, these areas are not interpreted as exact numbers, but as ranges within which prices typically fluctuate.
If XRP can sustain firmly above that range, The floor could consolidate, opening the door to a more stable rally in the short term.
If not, i.e., if it falls below the dollar, XRP could retreat towards its pre-November 2024 levels when Donald Trump won the US election. Before the US presidential election, The cryptocurrency Ripple was trading at less than $1.
The truth is that although XRP is receiving good news, it is not showing strength in the face of the red tide that is impacting the market across the board.
The main positive development was the debut of Canary Capital Group’s XRP Spot Exchange Traded Fund (ETF) on November 13th. According to a report by CriptoNoticias, more financial products based on the Ripple cryptocurrency are expected to be approved in the coming days.
need to clarify it The arrival of spot ETFs further increases the visibility of XRP among traditional investors and bring more liquidity to the ecosystem. They also operate like traditional stocks, making it easier for corporate capital to enter.
(Tag Translation) Altcoin
