The overall digital currency ecosystem is in deep despair as numerous cryptocurrencies that had seen favourable rallies since the beginning of the month are suddenly losing steam. One of these currencies is XRP, which is now trading at $0.6912, a decrease of 6.87% from the previous day. With this sharp decline, XRP has now fallen up to 5.77% on a weekly basis.
While the reason for the present price drop is still a question worth investigating, XRP seems to be losing weight as trading volume has also decreased somewhat by 2.05% over the course of the day. If there is no cushion in the short future, there is a brand-new chance of a greater drop as a result of bears selling out.
Given the momentum the XRP coin has gained over the last several weeks, experts now agree that it is oversold. After the bears have satisfied their appetite for profit-taking, we may anticipate seeing a recovery due to this notion of overselling.
Since XRP has maintained 41% and 103% of its valuation over the past month and year-to-date (YTD), respectively, a sell-off or pessimistic outlook only matters in the near term.
More leaning on fundamental positivity
Although the success of the XRP plan for an impending rebound depends completely on other variables, its strong fundamentals now exceed any promising signs that its technical indicators may be giving.
Despite being contentious at the moment, Judge Analisa Torres’ XRP decision is still one of the major boosters that has sparked a general increase in positivity. Leading exchanges like Coinbase and Kraken were forced to relist the digital currency as a result of the favourable decision, allowing American investors to buy it directly.
Although the SEC is considering an appeal of the ruling’s retail components, there is widespread anticipation that XRP would continue to see significant gains for at least the next two years.
