Will XRP Break Resistance or Slide Further?

• XRP faces correction after November’s meteoric 354% rally.
• Bitcoin dominance shifts capital, pressuring XRP’s price action.

XRP’s meteoric rise, which saw the token gain over 340% in the past month, is now encountering a sharp correction. Over the past seven days, XRP surged by 40%, only to drop by 5% in the last 24 hours, with trading volume declining by 51% and its market capitalization shrinking by 8% to $133 billion. This decline has pushed XRP to fourth place in market cap rankings, below Tether (USDT).

Moreover, market dynamics also highlight XRP’s struggle. Data from CoinGlass shows over $12.8 million in long positions were liquidated on December 5, as open interest dropped from $4.3 billion the day prior. Bearish sentiment is apparent, with the long/short ratio at 0.98 and 50.8% of traders holding short positions.

XRP Bears Hunts

Adding to the uncertainty is Ripple’s delayed RLUSD stablecoin launch, which has dampened investor sentiment. Despite the bearish pressure, significant XRP outflows worth $288 million from exchanges suggest long-term holding sentiment among whales, hinting at potential upside momentum.

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