XRP Bears Reversing Gains and Putting Buyers on the Backpedal
Trading at around $0.51, XRP bears have fully reversed all gains posted on July 13, looking at price action in the daily chart. Although bulls are optimistic, it hasn’t been smooth sailing for these traders, and bears have been active, shaving gains and putting buyers on the backpedal. Here are the key points:
- XRP is down 45% from July 2023 highs and remains under immense selling pressure.
- XRP prices are trending inside the August 17 trade range, indicating that sellers have the upper hand.
- The recent ruling in favor of Ripple and its executives reignited demand, but momentum is fizzling.
- XRP has a market cap of $27 billion and is the fourth largest cryptocurrency, trailing Ethereum, Bitcoin, and BNB.
- The recent bounce from lower prices may signal strength, but it remains uncertain if buyers will resume the uptrend.
Hot Take: XRP bears have successfully reversed gains and put buyers in a precarious position. While there is optimism from bulls, the selling pressure and bearish price action suggest a challenging road ahead. The recent ruling in favor of Ripple provided a temporary boost, but the momentum is waning. XRP’s market cap and liquidity position it favorably against other cryptocurrencies, potentially allowing it to surpass BNB as the third-largest network. However, the direction of the uptrend remains uncertain, and low trading volumes add to the prevailing uncertainty.
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