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