XRP Price Today – After a 35% crash, is the market bottom finally in?

source: shuttershock
source: shuttershock

Disclaimer: The opinion expressed in this article is opinion only and should not be taken as financial advice. Coinmash has no involvement with any assets discussed and urges everyone to do their own research before making any financial decisions.

Quick Take

  • XRP price free falls, bringing the market value down by 35% for the month of November.
  • Ripple shows a massive uptick in transactions during the decline.
  • Invalidation of the countertrend thesis is a breach below $0.316. 

XRP price has witnessed a jaw-dropping crash, wiping out liquidity levels as far back as 2020. Key levels have been defined to gain perspective on XRP’s potential landing grounds.

XRP price in a deadly decline 

XRP price has experienced a devastating mudslide as the digital remittance token breached new monthly lows at $0.316. As investors jump ship, traders must decide whether or not to get involved after XRP’s 35% loss of market value.

XRP price currently auctions at $0.37 as the bulls have produced a 12% rebound from the newfound lows. The volume profile indicator shows a massive increase in transactions during the decline while the Relative Strength Index continues to tread in oversold territory.

source: tradingview
XRP 1-Day Chart

Based on these factors, calling a market bottom may be too ambitious at the current time. However, a continuation of the countertrend stands a fair chance of occurring. If market conditions persist, XRP price could rally back towards $0.41 and potentially $0.44 in the short term. Traders should expect before jumping back into flexing their power once again if these levels are tagged.

Invalidation of the short term trade idea depends on the recent lows at $.316 remaining untagged. A further decline toward 2020 liquidity levels at $0.24 could occur if the levels are breached. Such a move would result in a 35% decline from the current XRP price.

Disclaimer
All articles published on Coinmash are strictly for informational purposes only. Any action that is taken from reading content published on this website is done at your own risk. 

About the Author
Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.