The price of Ripple is about 2.3 after it was 2.9 dollars. This drop happened because of a few things that we will review together
Ripple Delisting Rumors $XRP
This post was everywhere that major platforms including Binance will stop or cancel trading on Ripple due to technical factors. If people believe these rumors, they will sell large amounts of Ripple to avoid losses, which will increase supply and reduce the price. Negative rumors reduce people's confidence in the currency, which reduces demand for it and thus the price goes down.
The impact of rumors on the market
Panic and Mass Selling Negative rumors cause people to sell in large numbers, which lowers prices.
Hesitation to buy Even people who want to buy Ripple may hesitate due to rumors, and this reduces demand and the price.
The role of whales and liquidity makers
Whales are large investors who own huge amounts of Ripple. When they sell large amounts, the price drops due to increased supply. Sometimes whales sell part of their holdings to make a profit or redistribute their investments, which causes large price fluctuations.
Liquidity makers are people or entities who constantly buy and sell Ripple to provide liquidity to the market. In difficult times, they may reduce their activity or change their strategies, which increases price volatility and reduces it even more. When liquidity makers reduce their activity, liquidity decreases and volatility increases, making the market more vulnerable to large declines.
Technical analysis
Support and resistance levels
Support Levels: Ripple is at support levels around $2.1 and $2.2. If the price continues to decline, these levels could be bounce points.
Resistance Levels If the price starts to rise again, the main resistance levels will be around $2.5 and $2.7. If we pass these levels, we may see a new strong uptrend.
Technical indicators
Relative Strength Index (RSI): This indicator indicates that Ripple may be in an oversold zone, meaning that there is a possibility that the price will rebound soon.
Moving Averages: The 50-day moving average and the 200-day moving average say that the general trend is still down,
Future expectations
