The fall, which occurred less than a week after Bitcoin reached a record high of over $69,000, wiped billions from the crypto market. After plunging below $60K BTC regained some of its value but has recently dropped again. It’s presently selling for about $59K.
Ethereum, Solana, Ripple, Cardano, Dogecoin, and Shiba Inu all lost roughly a tenth of their value overnight on Monday, and they also lost value on Thursday, following Bitcoin’s lead.
Below the $1.10 barrier, the price of XRP has developed bearish momentum. It even broke through the $1.05 resistance level, although at the time of writing it is now stabilizing near $1.06. Any further losses could push the price near the $0.920 support level.
On Tuesday, Ripple went further with this argument, claiming that if the SEC wins the lawsuit, it will deter all-new innovators, whereas correct crypto legislation will establish the groundwork for the industry to thrive.
XRP whales, formerly thought to be missing in action, have gradually begun to resurface. A whale transferred over 12.7 million XRP tokens worth about $14 million from the medium-tier CoinOne exchange to an unknown wallet just a day ago, for example. The price of XRP has always responded to whale transfers, and this time was no exception.
XRP Price Action
The XRP price appears to be losing steam again after a strong start to November. On November 10th, a firm higher high was set at $1.35, immediately reversing market momentum with a severe down to $1.115.
The coin found excellent support at $1 after falling from $1.2. The bears, on the other hand, do not appear pleased, and at the time of writing, they are attempting another push lower. At $0.96, the bulls have another line of defense if they are successful.