The crypto market, for the most part, is up once again. The Bitcoin price has pushed back above $18,500 and has tried to retest $19,000. But Ripple’s XRP, although it has been heavily correlated to Bitcoin’s movements previously, has on its end reversed its uptrend.
Ripple XRP has pulled below the 30-day simple moving average (SMA) of around $0.50, which will turn down. The 30-day SMA is a key support level since the bullish trigger on November 3, but it is a resistance level now. If XRP’s price action does not reclaim the $0.50 point, we can expect the 5-day SMA to cross below the 30-day SMA soon as a dead cross and this could exacerbate the drop.
Source: Binance, Ripple XRP Price Chart
Possible Reasons for XRP’s drop
On the day the XRP price was trading at $0.2277, traders saw a surge in XRP that reached the record high of $0.78 on November 24, a 354.5% up. This was a crucial requirement for correction.
Recently, CNN’s Julia Chatterley interviewed Ripple CEO Brad Garlinghouse…