XRP Hits Multi-Year Highs but Faces Risk of 20% Correction in December 😱
XRP has surged 26.5% in the past 24 hours to a 43-month high of $1.95, fueled by speculation about the approval of Ripple’s RLUSD stablecoin by the NYDFS.
However, technical indicators suggest a potential 20% #correction in December due to overbought conditions, whale selling, and high leverage in the derivatives market. XRP’s price has reached the resistance of an ascending channel, and on-chain data reveals large wallet holders reducing their positions, indicating selling pressure.
Additionally, record-high open interest in XRP derivatives could amplify losses through long #liquidations if the price drops.
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