XRP saw a significant 6.55% drop in the last 24 hours, hitting $1.10 on November 19. 📆📉 This decline comes after the coin tested a three-year high of $1.26, driven by profit-taking 💵 and concerns over Ripple Labs. 🏢
Profit taking after a big rise 🚀📊
After a staggering 149% surge in November, XRP has seen a slowdown due to profit-taking. 💰 The coin has been supported by the general optimism surrounding Donald Trump’s re-election, which has sent the Relative Strength Index (RSI) to 70, indicating “overbought” conditions. 📈⚠️
Overbought indicators usually encourage investors to take profits, leading to a price correction. 📉 On the 4-hour chart, the coin has formed a “bullish pennant” pattern, indicating that the price could rise to $1.57 by December if the upper trendline is broken. Conversely, a break of the lower trendline could send XRP back to $0.52, representing a sharp decline of about 50%. ❗🔻
Ripple and Trump meeting rumors increase anxiety 🤔🏛️
XRP’s drop came amid rumors that Ripple Labs CEO Brad Garinghouse was meeting with President-elect Donald Trump. 🗞️ The news has raised concerns in the crypto community, with some critics fearing that Ripple could become more centralized, especially given speculation that it could be linked to central bank digital currencies (CBDCs). 💱🏦
Prominent figures in the crypto world, such as Ryan Selkis and Pierre Rochard, have accused Ripple of supporting anti-Bitcoin narratives. 💢 These perceptions have fueled uncertainty among investors, leading to a decline in XRP’s market dominance during the recent correction. 📉📉
XRP Price Future Predictions 📌📈
Despite the recent pullback, the technical setup of the coin still suggests that the uptrend could continue if the price manages to hold above the lower trend line of the flag pattern. 📊✅ The $1.57 level is the next target that traders are watching, which means up to 40% gains are possible. 🚀📍
However, challenges remain, especially with the impact of the Ripple controversy and regulatory concerns. 🛑 While investors are closely following market developments, the balance between positive expectations and potential concerns remains the decisive factor in determining the currency’s path. 💡📉
