After a brief attempt to climb above its strong resistance level at $0.30 earlier this week, XRP faced a strong and swift rejection and is now moving down towards its monthly lows that currently sit around $0.26.
This bearishness has come about in the midst of Ripple’s highly anticipated Swell event, and as the Ripple CEO announced fresh deals involving XRP that, according to him, have made the XRP network “stronger than ever.”
XRP Plummets 6% as Bears Take Control
Earlier this week, XRP’s bulls attempted to propel the cryptocurrency past $0.31, which ultimately proved to be a fleeting move that was closely followed by today’s bearish movement.
It is important to note that XRP is not alone in facing mounting selling pressure today, as Bitcoin has similarly faced a sharp sell-off that sent it plunging from the lower-$9,000 region to lows of $8,800.
BTC’s drop instantly sent shockwaves through the aggregated crypto market and has led virtually all major altcoins to post similar losses.
For XRP, it is important to note…
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Author: Cole Petersen