Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred when trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content is accurate as of the date of publication, but some offers mentioned may no longer be available.
Despite hitting highs of $0.75 last seen in July, XRP, the fifth-largest cryptocurrency by market value, could be on track for its first week of losses since October.
On November 13, the price of XRP increased by 12% to approximately $0.75, due to a rumor about a BlackRock ETF filing focused on XRP. However, Bloomberg analyst Eric Balchunas later debunked the report, causing XRP to quickly pull back.
The XRP price pump and dump resulted in large liquidations, mainly affecting long position holders.
XRP embarked on a run in mid-October, rising sharply to record four consecutive weeks of gains.
The surge lasted until earlier this week, when XRP hit multi-month highs of $0.75 before sell orders overflowed and drove the price down. This, in turn, fueled the liquidation of leveraged long bets, which drove the price down.
The BlackRock XRP ETF rumor had a big impact on the cryptocurrency’s price decline for the rest of the week.
Since November 13, XRP has fallen precipitously, and a loss today would turn three out of four days negative.
According to TradingView statistics, XRP is currently down 8.72% for the week. A close below the opening price of $0.66 would confirm the week’s price drop for XRP. Conversely, this would reverse if XRP returned above the $0.75 mark.
At the time of writing, XRP was down 3.57% in the last 24 hours, reeling along with the rest of the crypto market. Bitcoin and the rest of the cryptocurrency market are trading at losses as investors weigh a delay in a Bitcoin ETF decision this year.
If the price continues to fall, the next stop could be the daily MA 50 at $0.56. In this situation, XRP may trade in a range between $0.565 and $0.75 for some time.
The bulls could regain control if they manage to push XRP price above the $0.75 resistance. XRP will target the $0.85 level next, and then $1.
