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XRP has declined today, suffering losses that have followed significant gains. Credit: Getty Royalty Free
XRP prices fell today, suffering losses after sharp gains last month.
The digital asset declined as the broader cryptocurrency market was in red, with several major digital currencies, including bitcoin, ether and litecoin, traded down at the time of the report.
The XRP token, created by the Ripple founders, dropped to $ 0.5373 earlier today on CoinMarketCap.
After falling to this level, the digital asset was down 11.6% in the last 24 hours and 9.1% from the beginning of October, says additional data from CoinMarketCap.
The price of the XRP has risen to $ 0.6187 over the weekend and the token has briefly become the second largest digital currency in terms of total market value on CoinMarketCap.
After experiencing strong rebounds in September, XRP grew 73.9% during the month.
[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Reasons for falling
In explaining why XRP prices fell, analysts pointed to factors such as profit taking and slowing momentum.
Investors likely took profits over the weekend before Ripple's SWELL conference in San Francisco, said Chris Kline, co-founder and COO of Bitcoin IRA.
The XRP token had received upward pressure, but this pressure eased as "the excitement of the price movement "has declined, said Charles Hayter, co-founder and CEO of the digital currency data platform CryptoCompare.
Short-term technical perspectives
Now that the digital token has fallen from its recent high, it "continues to consolidate between the .50 and .60 levels," said Jon Pearlstone, publisher of the newsletter CryptoPatterns.
"So far, all signs indicate that it is a normal decline and that it is still well above bullish trend levels," he said. he added.
In addition, XRP prices continue to trade "far beyond key support levels despite multiple overbought indicators, "said Pearlstone.
C & # 39; "A good sign for the bulls, namely that there may be more upside in XRP in the near future."
Disclosure: I own Bitcoin, Bitcoin Cash and Ether.
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The XRP has declined today, recording losses that have followed notable gains. Credit: Getty Royalty Free
XRP prices fell today, suffering losses after sharp gains last month.
The digital asset declined as the broader cryptocurrency market was in red, with several major digital currencies, including bitcoin, ether and litecoin, traded down at the time of the report.
The XRP token, created by the Ripple founders, dropped to $ 0.5373 earlier today on CoinMarketCap.
After falling to this level, the digital asset was down 11.6% in the last 24 hours and 9.1% from the beginning of October, says additional data from CoinMarketCap.
The price of the XRP has risen to $ 0.6187 over the weekend and the token has briefly become the second largest digital currency in terms of total market value on CoinMarketCap.
After experiencing strong rebounds in September, XRP grew 73.9% during the month.
[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Reasons for falling
In explaining why XRP prices fell, analysts pointed to factors such as profit taking and slowing momentum.
Investors likely took profits over the weekend before Ripple's SWELL conference in San Francisco, said Chris Kline, co-founder and COO of Bitcoin IRA.
The XRP token had received upward pressure, but this pressure eased as "the excitement of the price movement "has declined, said Charles Hayter, co-founder and CEO of the Digital Currency Data Platform CryptoCompare.
Short-term technical perspectives
Now that the digital token has fallen from its recent high, it "continues to consolidate between the .50 and .60 levels," said Jon Pearlstone, publisher of the newsletter CryptoPatterns.
"So far, all signs indicate that it is a normal decline and that it is still well above bullish trend levels," he said. he added.
In addition, XRP prices continue to trade "far beyond key support levels despite multiple overbought indicators, "said Pearlstone.
C & # 39; "A good sign for the bulls, namely that there may be more upside in XRP in the near future."
Disclosure: I own Bitcoin, Bitcoin Cash and Ether.
