Cryptocurrencies are volatile, and subsequent downtrend moves are balancing the uptrend rally. While this fact is evident in every investor’s mind, people are worried about sudden crashes, which eventually lead to a transformation of the entire sentiment. For now, XRP is facing stiff selling pressure, and despite some buying action seen at below $1, there hasn’t been any breakout or sudden buying rally seen.
XRP has lost a decent value but has maintained its 6th position as a result of sector-wise negativity. On the contrary, 0.75% of XRP has been released in the last 23 days. Now, there are over 46.75 billion XRP tokens available in circulation.
XRP Coin Faces Strong Sell-Off
Price of XRP has headed into a strong sell-off sentiment, with holders buying subsequent profit. As a result, the enormous up-trend rally was decimated in less than three weeks. So far, XRP has lost over 35% since September 07, 2021.
Ripple XRP changed the entire sentiment on September 07 owing to over 25% fall in a matter of hours, the day closed with a loss of just 18%, but it wasn’t enough to change anything. On the contrary, markets consolidated for a few days and made another dip breaching the $1 psychological level. Currently, XRP is trapped between its 200 DMA of $0.9694 and 100 DMA of $0.8940.
How long XRP will be able to take support from 100 DMA is challenging to say, but breaching this level on a closing basis will be disastrous for XRP enthusiasts in the near term. Despite any positive news, XRP can fall to its previous psychological support of $0.50. Hence, XRP investors should remain vigilant of any breakout below the 100 DMA curve. Another critical aspect of notice here is the 100 DMA being active below its 200 DMA, which signifies strength in the price movement.
