XRP Price Drops to $1.20 and Below Its 200-Day Line: What Is Going On With XRP?

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.XRP loses 8.3 percent and trades at its lowest level since August. The Wall Street sell-off meets ETFs without inflows and a surplus of long accounts in the futures market.XRP falls to $1.20 on November 6.Add as a preferred source on GoogleFollow on Google NewsXRP fell to $1.20 on Friday morning, equivalent to €1.07. That is 8.3 percent lower than 24 hours earlier and the weakest level since August 20. The decline was set off by a sell-off on Wall Street that spread to the entire crypto market overnight; there was no comparable event at Ripple or on the XRP Ledger. Two factors leave XRP more exposed than other large coins: the US exchange-traded XRP funds have not attracted fresh money for three trading days, and most accounts in the derivatives market are still betting on rising prices. The price data in this article comes from CoinGecko and reflects the position on Friday at around 6:50 a.m. German time. The derivatives figures are based on our own analysis, whose basis is des...