XRP drops 5% as prices slump; analysts focus on new altcoin
The post XRP drops 5% as prices slump; analysts focus on new altcoin appeared on BitcoinEthereumNews.com.
XRP is down 5%, falling as the crypto markets pull back. While the dip can be a concern, some view it as an opportunity to consider the coin and other altcoins, including Bitcoin Minetrix (BTCMTX). Experts are bullish on BTCMTX, expecting the token to extend gains once the presale ends. XRP is pulling back as investors take profits On the last day, XRP retraced and is moving back towards the $0.60 mark as investors appear to be taking profits. Early this week, XRP surged above $0.71 before cooling off to spot rates. Thus far, the sell-off is below the daily chart’s 20-day exponential moving average (EMA). If XRP remains below this EMA, the next support level is at $0.60, which prevented the token’s price from falling further in the first week of November. However, if XRP recovers from spot rates, it could recover losses suffered in the past few days. According to CoinMarketCap, XRP trading volume is up 8%, making it the ninth most-traded coin globally. The spike in participation suggests that despite the recent pullback, there is still considerable interest in XRP. Spot Bitcoin ETF delays dampen market sentiment The crypto market is retracing after sharp gains in early November. Bitcoin (BTC) and Ethereum (ETH) are currently below $37,000 and $2,000, respectively. The retracement could be due to delays and uncertainties related to the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States. Investors were anticipating the United States Securities and Exchange Commission’s (SEC)approval of a Bitcoin ETF by now. Potential legal action from Grayscale over the rejection of its GBTC conversion could also create obstacles. The SEC is still working with ETF applicants despite some delays. This suggests that the vetting process is still moving forward. However, because of the longer timeline, short-term sentiment has been negatively impacted, and crypto…
Filed under: News - @ November 19, 2023 9:00 am