XRP on Track for First Red Week Since October as Price Dips


17 Nov 2023 4:30 PM

XRP embarked on run in mid-October...

  • XRP, the fifth largest cryptocurrency by market value, is potentially heading for its first week of losses since October.
  • The price of XRP increased by 12% on Nov. 13 due to a rumor about a BlackRock ETF filing focused on XRP, but the report was later discredited, causing the price to fall back.
  • The pump-and-dump resulted in large liquidations, primarily affecting long-position holders.
  • XRP had been on a run since mid-October, recording four consecutive weeks of gains, but the price started to decline after reaching highs of $0.75.
  • The decline was driven by sell orders and the liquidation of leveraged long bets, with the BlackRock XRP ETF rumor impacting the price decline for the rest of the week.
  • XRP is currently down 8.72% for the week and down 3.57% in the last 24 hours, following the overall negative trend in the crypto market.
  • If the price continues to fall, the next support level might be at $0.56, while a push above the resistance at $0.75 could lead to a target of $0.85 and then $1.

The sentiment of the article is negative as it discusses the potential week of losses for XRP and the decline in its price due to the discredited BlackRock ETF rumor.

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You May Ask

What caused the increase in XRP's price on Nov. 13?How did the discredited BlackRock ETF rumor impact XRP's price?What has been the trend for XRP's price since mid-October?What are the potential support and resistance levels for XRP's price?

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