After a brief attempt to climb above its strong resistance level at $0.30 earlier this week, XRP faced a strong and swift rejection and is now moving down towards its monthly lows that currently sit around $0.26.<\/p>\n
This bearishness has come about in the midst of Ripple\u2019s highly anticipated Swell event, and as the Ripple CEO announced fresh deals involving XRP that, according to him, have made the XRP network \u201cstronger than ever.\u201d<\/p>\n
At the time of writing, XRP<\/a> is trading down nearly 6% at its current price<\/a> of $0.27, which marks a significant retrace from its daily highs of roughly $0.30.<\/p>\n Earlier this week, XRP\u2019s bulls attempted to propel the cryptocurrency past $0.31, which ultimately proved to be a fleeting move that was closely followed by today\u2019s bearish movement.<\/p>\n It is important to note that XRP<\/a> is not alone in facing mounting selling pressure today, as Bitcoin has similarly faced a sharp sell-off that sent it plunging from the lower-$9,000 region to lows of $8,800.<\/p>\n BTC\u2019s drop instantly sent shockwaves through the aggregated crypto market and has led virtually all major altcoins to post similar losses.<\/p>\n For XRP, it is important to note that this bearishness came about shortly after it had attempted to validate a long-term bottom formation that analysts had been closely watching, which means that today\u2019s move invalidated this bullish possibility and may spell trouble for its near-term price action.<\/p>\n Peter Brandt, a highly regarded analyst, recently pointed to this since-invalidated formation, saying:<\/p>\n \u201cThis chart interpretation remains valid — $XRP is taking another run at a breakout.\u201d<\/p><\/blockquote>\n This chart interpretation remains valid — $XRP<\/a> is taking another run at a breakout. https:\/\/t.co\/u2td4qhTHF<\/a> pic.twitter.com\/ser515KBWr<\/a><\/p>\n — Peter Brandt (@PeterLBrandt) November 6, 2019<\/a><\/p><\/blockquote>\n\n