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XRP Plummets by 37%: Unexpected Market Retracement
The cryptocurrency market has taken an unexpected turn as Ripple and XRP plummeted by a staggering 37% on July 27. This drastic decline in trading volume and price is unprecedented, leaving many in the space scrambling to make sense of this sudden shift.
According to recent reports, XRP’s price chart displays a pattern of rapid upward momentum followed by a sharp correction. Despite a recent recovery from approximately $3.10, it appears that the market is experiencing exhaustion after weeks of euphoric momentum. The asset has retreated to $3.18 from its local high of about $3.70.
As seen on the price chart provided by TradingView, XRP’s 200-day EMA remains below the current price and short-term EMAs are still supporting the asset. This confirms an intact macro uptrend for the cryptocurrency.
Source: u.today
