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As the popular saying says – All good things must end. After days of positive momentum and dictatorship by the bulls, bears have popped up today. Today, November 8, the market is dominated by coins in the red zone. What has triggered this dive remains a mystery. It could be that the bulls began to relax, creating a perfect window for the bears to enter and take over.
The recent price spike remained unconvincing for many investors, with the likelihood that prices would fall suddenly. However, this has not deterred bulls in the last two days since the crusade and pushing prices up.
XRP is one of the many coins that have suffered the plunge of the market today. In fact, it is one of the top ten coins that has undergone a huge decline. In the last 24 hours, the currency has seen prices fall by 4%. In terms of falling prices, it is only second to Bitcoin Cash in the top ten of cryptocurrencies. In the last 24 hours, Bitcoin Cash has decreased by 6%.
After tackling the resistance at the $ 0.55 position on 6 November and going through a side action for the better half of yesterday, XRP fell today and at the time of the press is at $ 0.509654, with a capitalization of $ 20,490,915.795.
The fall in prices comes on the heels of SWIFT which denies any partnership agreement with Ripple. Second Finance magnatesSWIFT has denied that it will start using Ripple's xRapid. The two companies are in direct competition with each other, but a partnership would be beneficial for both parties.
In the next couple of hours, we should see the bulls consolidate and form a support level, hopefully over $ 0.50.
During the assisted bull run a couple of days ago, many were predicting that Ripple could reach peaks of $ 1 and close the year well above $ 3. So, his efforts have been stopped or is still possible ?
If the bulls can find a positive momentum and push prices to a maximum of $ 0.62, this could be the level of rupture that pushes prices to a maximum of $ 1. But more importantly, what they should not do is leave that prices fall below $ 0.50. This could trigger panic among the owners and lead to a sell-off.
The next two hours will remain crucial for the currency and the market as a whole. The weekend is behind the corner and remains one of the most unpredictable moments for the market, it should be interesting considering the drastic changes occurred in the market.
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