XRP down as traders cash out. Brief analysis
XRP has witnessed a surge in selling activity since it climbed to a three-year high of $1.63 on November 23. Currently trading at $1.41, the altcoin has since noted a 13% price dip.
According to Santiment’s data, over the past seven days, XRP’s realized profits have totaled $1.84 billion, the highest since April 2021.
XRP currently trades at $1.41, above support formed at $1.33. Sustained profit-taking activity by token holders will pull XRP’s price to test this support level. If it fails to hold, the downward trend strengthens, and the XRP price dip may extend to $1.28.
On the other hand, this bearish projection will be invalidated if buying activity resumes. This may push XRP’s price toward revisiting its three-year high of $1.63.
