XRP's Tough Week: What's Pushing the Price Down?

Current Price: $2.16 (Down 8%)

Market Analysis

• Downward Trend: XRP has been struggling under a downward trendline since September.
• Moving Averages: 20-day, 50-day, and 100-day moving averages are all above the current price and dropping.
• 200-day Moving Average: Previously supported the price, now acting as a barrier.

Key Support and Resistance Levels

• Support Levels: $2.25–$2.20, $2.16, $2.00
• Resistance Levels: $2.46, $2.50, $2.85

On-Chain Data

• Trader Behavior: More XRP is being sent to exchanges than withdrawn to private wallets, indicating selling pressure.
• Inflows: A small inflow on November 4, but not enough to reverse the trend.

Ripple's Initiatives

• Ripple Prime: A new platform aimed at attracting big investors, but market reaction remains muted.

Conclusion

Until XRP closes above $2.50, the long-term trend remains bearish. Traders are cautious, and without significant demand, the price is likely to continue falling.