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Ripple has seen a sharp price correction, dropping 6.55% in the past 24 hours to $1.10 on November 19. The decline comes after a retest of the three-year high of $1.26, driven by profit-taking and the controversy surrounding Ripple Labs.
Profit taking after excessive buying⛽🤙
XRP price has slowed down after a staggering 149% surge in November, largely due to market optimism following Donald Trump’s re-election. The rally pushed XRP’s Relative Strength Index (RSI) above 70, indicating “overbought” conditions.
An overextended RSI often leads to profit taking, leading to a price correction or consolidation. XRP has formed a bullish flag on the 4-hour chart, suggesting a potential rally to $1.57 by December if the price breaks the flag’s upper trendline. However, a break of the lower line could send XRP down to its 50-hour EMA at $0.52 — a drop of nearly 50%.
Ripple-Trump meeting raises concerns🏪💯
XRP’s drop coincided with rumors of a meeting between Ripple Labs CEO Brad Garinghouse and President-elect Donald Trump. The news has raised concerns in the crypto community, with critics warning of Ripple’s perceived move toward centralization, including its potential link to central bank digital currencies (CBDCs).
Prominent figures in the crypto world, including Ryan Selkis and Pierre Rochard, have accused Ripple of promoting anti-Bitcoin narratives. These perceptions have fueled skepticism among investors, potentially putting pressure on XRP’s market dominance, which has seen a decline during this correction.
XRP Predictions🌍
Despite the correction, the technical setup for XRP remains positive if it maintains its position above the lower trend line of the pennant. Traders are watching the $1.57 level as the next major target, which represents a 40% upside potential. However, the controversy and market sentiments may lead to further volatility.🧭💈
As the market digests the news surrounding Ripple, investors remain cautious, balancing technical optimism with regulatory concerns and the broader narrative surrounding XRP.
