TL;DR
Ripple’s native token was rejected at $3.1 yesterday and nosedived by over 6% in the following hours to a low ot $2.9.
This particular price drop comes in a rather surprising period, as Ripple and its cryptocurrency have seen some enhanced adoption developments lately.
XRPUSD. Source: TradingView
XRP’s Price Struggles
Looking on a monthly scale, XRP managed to do the unthinkable in mid-July when it broke out of its consolidation range at around $2.2-$2.3 and shot up to a new all-time high at over $3.6 – a moment that its community had waited for over seven years.
However, the subsequent correction was almost immediate and culminated last week when the asset plunged to $2.73 (on Bitstamp) as whales were disposing of large token quantities. Nevertheless, XRP bounced off in the following days and jumped to $3.1 yesterday despite some warnings by analysts.
As the perma-bullish XRP Army was convinced that the $3 resistance had been conquered and turned into support, the bears
We współpracy z: https://cryptopotato.com/why-is-ripples-xrp-price-down-today/
