Bitcoin ETF

Bitcoin

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Despite reaching highs of $0.75 last seen in July, <a href="https://u.today/xrp-sparks-234-volume-surge-as-price-strives-to-rebound" rel="noopener noreferrer nofollow">XRP</a>, the fifth largest cryptocurrency by market value, could be on course for its first week of losses since October.
On Nov. 13, the price of XRP increased by 12% to roughly $0.75, owing to a rumor regarding a BlackRock ETF filing focused on XRP. However, Bloomberg analyst Eric Balchunas later discredited the report, causing XRP to quickly fall back.
The XRP price pump-and-dump resulted in large liquidations, primarily affecting long-position holders.
XRP embarked on a run in mid-October, rising sharply to record four consecutive weeks of gains.
The rise lasted until the beginning of this week, when XRP reached multimonth highs of $0.75 before sell orders boiled over and sent the price lower. This, in turn, drove the liquidation of leveraged long bets, sending the price lower.
The BlackRock XRP ETF rumor had a big impact on the cryptocurrency's price decline for the remainder of the week.
Since Nov. 13, XRP has fallen precipitously, and a loss today would make it three out of four days in the negative. <img alt="TradingView" data-entity-type="file" data-entity-uuid="ecb9c402-b05b-4811-8e97-8192f83e629b" src="https://u.today/sites/default/files/inline-images/17112023%200000.png">XRP/USD Weekly Chart, Courtesy:<a href="https://www.tradingview.com/x/YwW5QWs6/" rel="noopener noreferrer nofollow"> TradingView</a>
According to TradingView <a href="https://www.tradingview.com/chart/vrbl4aiH/" rel="noopener noreferrer nofollow">statistics</a>, XRP is currently down 8.72% for the week. A closure below the opening price of $0.66 would confirm the week's price fall for XRP. On the contrary, this would be reversed if XRP returned above the $0.75 mark.
At the time of writing, XRP was <a href="https://coinmarketcap.com/currencies/xrp/" rel="noopener noreferrer nofollow">down 3.57%</a> in the last 24 hours, reeling alongside the rest of the crypto market. Bitcoin and the rest of the crypto market are trading in losses as investors weigh a delay in a decision regarding the Bitcoin ETF this year.
If the price continues to fall, the next stop might be the daily MA 50 at $0.56. In this situation, XRP may trade in a range between $0.565 and $0.75 for some time.
The bulls might regain control if they succeed in pushing the XRP price above the resistance at $0.75. XRP will target the $0.85 level next, and then $1.

XRP on Track for First Red Week Since October as Price Dips

U_Today

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