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XRP Price Correction Deepens as Ripple Labs CEO Meets President-Elect Donald Trump

Patricia Arquette

Nov 20, 2024 am 10:10 AM

xrp Price Profit-Taking Controversies

XRP has seen a sharp price correction, dropping 6.55% in the last 24 hours to $1.10 on Nov. 19. This pullback comes after retesting a three-year high of $1.26, driven by profit-taking and controversy surrounding Ripple Labs.

XRP Price Correction Deepens as Ripple Labs CEO Meets President-Elect Donald Trump

Cryptocurrency XRP has seen a sharp price correction, dropping 6.55% in the last 24 hours to trade at $1.10 on Friday, Nov. 19. This pullback follows XRP’s retest of a three-year high at $1.26, a move that was met with profit-taking and بازار cryptocurrency news regarding Ripple Labs.

Profit-Taking After XRP’s 149% Surges

After a staggering 149% rally in November, largely driven by market optimism following Donald Trump’s re-election, XRP’s price has cooled. This rally pushed XRP’s 14-Relative Strength Index (RSI) to levels above 70, indicating “overbought” conditions.

An overbought RSI typically triggers traders to lock in their profits, leading to a price correction or consolidation. On the four-hour chart, XRP has formed a bull pennant, suggesting a potential rally to $1.57 by December if the token breaks above the pennant’s upper trendline.

However, a breakout below the lower trendline could see XRP drop to its 50-4H EMA at $0.52 — a nearly 50% downside.

Ripple-Trump Meeting Raises Eyebrows

XRP’s price decline comes amid بازار cryptocurrency news that Ripple Labs CEO Brad Garlinghouse met with President-elect Donald Trump, sparking concerns within the crypto community.

This news has highlighted the حساسیت surrounding Ripple’s perceived alignment with centralization, including its potential involvement in central bank digital currencies (CBDCs).

Accusations from prominent crypto figures, such as Ryan Selkis and Pierre Rochard, allege that Ripple engages in promoting anti-Bitcoin narratives. This perception has سوق XRP’s market dominance, which has seen a decline during this correction.

Outlook for XRP

Despite the correction, XRP’s technical setup remains bullish if it manages to hold above the pennant’s lower trendline. Traders are watching for $1.57 as the next key target, presenting a potential 40% upside.

However, controversies and market sentiment could introduce further volatility in XRP’s price trajectory.

As the market continues to digest Ripple-related news, investors are advised to exercise caution and consider the broader regulatory and narrative concerns surrounding XRP, as noted by Cointelegraph.

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