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XRP faces pressure despite 3% dip in exchange reserves in October
Ripple (XRP) is trading bearishly and slightly below $2.40 at the time of writing on Wednesday. The cross-border money remittance token was rejected at $2.55 on Monday, encouraging early profit booking. Meanwhile, the odds of the downtrend extending this week remain significantly high, especially with low demand characterizing the derivatives market. The XRP derivatives market is stable, as evidenced by the futures Open Interest (OI) averaging $3.76 billion, down from approximately $8.36 billion on October 10. Despite the relative stability in the OI, overhead pressure remains elevated in the spot market. Sentiment ... (full story)
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