After a solid rally earlier this month, the XRP price is down today. In the past 24 hours, XRP fell 12.8%, from $ 3.49 to around $ 3.04. The sudden drop attracted many merchants off guard, especially since XRP was one of the most efficient altcoins in July.
Why does the XRP price drop today?
Profit after a solid rally
At the beginning of July, XRP was negotiated at only $ 2.17. Between July 2 and 18, it jumped more than 60%, culminating at $ 3.66 – its highest price this year. This strong race sparked a wave of purchasing interest, but also prepared the land so that short -term merchants lock the profits.
Once the price touched $ 3.66, he had trouble maintaining this level. He closed the day down $ 3.41, a sign that buyers lost strength. In the coming days, the price remained in a narrow range and finally broke on July 23 with a drop of one day of more than 10%. The sale continued today, lowering the price below at $ 3.04.
The Altcoin season index weakens
Another reason behind the drop in XRP is the change in the broader feeling of the Altcoin market. XRP’s performance often follows the trend of other high capitalization altcoins. But in recent days, the domination of Bitcoin has started to increase, which means that investors are running in BTC and far from altcoins.
According to the Altcoin CMC index of the season, the Altcoin market loses steam. The index is currently in 37Well below the 75 threshold which signals a strong Altcoin season.
The summit of all time of XRP was $ 3.84, set back in January 2018. With the recent rally culminating at $ 3.66, XRP became very close to this level – and this probably triggered psychological resistance among traders. Breaking an ATH is never easy, and in many cases, the active ingredients are withdrawn before Rettester.
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XRP price today
On the technical side, XRP is still held above its EMA from 50 days to $ 2.64, showing that the longer term trend remains optimistic. The RSI is currently at 55.81, which indicates that XRP is not yet occurring, but more either.
This suggests that the current drop may be more a healthy correction after a strong rally, rather than the start of a prolonged downward trend.
The drop in XRP prices seems to be motivated by a mixture of profit, slowdown in the momentum of Altcoin and natural resistance near the historical summits. While short -term merchants can see increased volatility, the biggest trend for XRP always seems intact – as long as the wider market is not inherctions.
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Faq
XRP has dropped due to a combination of profits by traders, slowdown in interest in altcoins and the increase in the domination of bitcoin. After a solid rally earlier this month, the market is now going through a natural correction.
Yes, on a larger scale, XRP still holds above its 50 -day EMAThis suggests that the long -term trend is not broken. The recent drop can just be a short -term correction After a strong race.
XRP reached a summit for the start of the year of $ 3.66 on July 18, its highest level since early 2018.
