XRP Drops Onto Its $1.052 Floor: What Would a Break Below Mean?
XRP is down about 18% over the past 7 days and sits on its $1.052 floor. See what a daily close above $1.12 or below $1.052 would mean.
By Shitij GuptaResearcher
XRP trades near $1.053, on its $1.052 floor. A floor is a price where falls have stopped before.
XRP is down about 18% over the past 7 days. That is far more than its usual daily swings would add up to over the same days.
The fall of recent days is far larger than the usual daily swings. Source: Binance XRP/USDT daily prices, to the 10 November daily close, computed by www.altcoinbuzz.io.
XRP Hit a 30-Day Low on Above-Average Trading
XRP fell about 4% on 10 November. It ended that day at its lowest level in 30 days.
Trading on Binance that day came to $161 million. That was about 50% above its 20-day average.
XRP fell on Tuesday right after a hotter-than-expected US consumer price index (CPI) report for October, Coinspeaker reported.
A report carried on TradingView pointed to the hacker behind the Binance theft. It said the hacker has sent 139 million stolen XRP, worth about $151 million, out of one of its wallets since Thursday. The report called this a problem of XRP's own, on top of the wider market sell-off.
Open interest on Binance futures was $329 million, down about 25% over 7 days. Open interest is the value of futures contracts still open, each a bet on where the price goes.
The $1.052 Floor Has Turned XRP 3 Times
The floor at $1.052 has turned the price 3 times since early June.
Its last turn came on 13 July.
XRP now sits right at that level, with no gap between the price and the floor. So what would the day's last price have to do to change that?
XRP Between a $1.12 Ceiling and Its $1.052 Floor
A daily close is the last price of the day.
The nearest ceiling sits at $1.12, about 6% above the price. A ceiling is a price where rises have stopped before.
A daily close above $1.12 would leave $1.18, about 12% above, as the next ceiling.
A daily close below $1.052 would put the price under the floor it sits on now. The next floor is $0.999, about 5% below.
The price sits right on its $1.052 floor. Source: Binance XRP/USDT daily prices, to the 10 November daily close, computed by www.altcoinbuzz.io.
The first daily close beyond $1.12 or under $1.052 would show which of the two levels gave way.
Shitij Gupta
Shitij Gupta is an analyst and a researcher at Altcoin Buzz. Shitij has a vast banking experience at companies such as Morgan Stanley, ETRADE and UBS. He primarily built banking and lending products, Robo Advising solutions and Mutual Fund offerings for High Net worth clients. After his stint on Wall Street, Shitij runs a family office fund and consults businesses on strategy and execution.
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