Recently, amid unfavorable cryptocurrency market conditions, Ripple’s XRP token has experienced a sustainable rally – but it then fell victim to persistent selling pressure on November 28th, losing around $790 million in value within a day.
According to CoinMarketcap‘s statistics, the current market cap of the seventh-ranked token is $19.15 billion, with a significant decrease of about 7% in the last 24 hours. While the token’s 24 hours volume displays a notable rise of approximately 70%.
According to Whale Alert, a large amount of Ripple’s token was sent from BitGo – a company that secures digital assets using multi-signature technology and operates out of California – to the European cryptocurrency exchange called Bitstamp. This trade occurred less than an hour ago when 30 million XRP were moved from one wallet address tagged as unknown.
Nevertheless, in spite of being one of the most volatile cryptocurrencies in today’s digital world, the token has experienced an unyielding and surprisingly sustained bullish rally in the past few days. This growth can largely be attributed to the ongoing court battle between Ripple lab – the company behind XRP – and SEC.
XRP Bullish Trend
On November 8th, XRP had a straight decline from $0.464 to $0.407. Since then, it has not gone back to this region. Furthermore, it coincides with the range lows around $0.427, where XRP lasted for seven weeks.
Furthermore, there was also a sharp increase seen previously in XRP’s social metrics recently. A well-known crypto analytic firm LunarCrush recorded twenty-four million social interactions.
After that, XRP rose over $0.39 to change its market structure from bearish to bullish on November 27th. The token marked a daily high of $0.4079, with a growth of 9.91%. Since November 8th, it has returned to $0.40 to $0.42 region for the first time.
After a bullish start to the day on November 28th, XRP soared to a high of $0.42300. At $0.4089 and $0.4217, respectively, it overcame the First Major Resistance Level (R1) and Second Major Resistance Level (R2). But an unexpected turn in the cryptocurrency market caused XRP to drop to a low of $0.39468.
As per Coimarketcap, the token is now trading at $0.38 and has gained approximately 6.49% over the last seven days while suffering a loss of about 7% during the past 24 hours. However, the price may drop as low as $0.35 if the bearish trend continues.
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