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TradingView XRP

XRP Price Plummets Again After Grayscale Announces it Will Exclude it From Portfolio

Posted On January 5, 2021 Robert Weiss 0

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The bad news seem to have no end for XRP holders as the giant Bitcoin Trust Fund, Grayscale just announced it will exclude XRP from its portfolio. The digital asset plunged by 6% following the announcement from a high of $0.232 down to $0.217. However, bulls did aggressively buy the dip and managed to push XRP back to $0.231.

3/ $XRP was removed following DLC Fund's Quarterly Review (12/31/20). No others assets qualified for inclusion. The below table highlights DLC Fund’s weightings as of January 4, 2021: $BTC $ETH $BCH $LTC pic.twitter.com/g3QQEf0kd8

— Grayscale (@Grayscale) January 5, 2021

One of the main reasons for the lack of bearish continuation was all the rumors about Grayscale excluding XRP before it happened. Many investors and analysts thought it would happen soon and it seems that XRP holders are prepared for future exchange delistings as well, which means these are most likely priced in already unless a massive exchange like Binance delists XRP.

XRP price remains relatively stable which shows how strong the community is

Some view the XRP community as a strong group of holders, others as delusional investors. Nonetheless, they are certainly showing that they are willing to hold XRP despite perhaps the worst-case scenario. No one knows if XRP will be victorious against the SEC or how long it will even take for a final decision.

However, it seems that XRP price has established a robust support level at around $0.21 and the psychological level at $0.20. Despite the strong base level established, it’s hard to see new investors joining in until the SEC makes a final decision.

xrp price

Many large holders have left the XRP network in the past three weeks. The number of whales holding between 1,000,000 and 10,000,000 coins has dropped by more than 200 in the past two months. Even worse, the number of whales with at least 10,000,000 coins plummeted on December 25 from a high of 356 to 309 currently.

xrp price

XRP/USD 1-hour chart – TradingView

XRP bulls need to decisively hold the $0.21 support level and continuation above it. A breakout above $0.25 would be ideal and could quickly push XRP price towards $0.3. However, this scenario is not very likely, as again, there is a lot of selling pressure and new investors are not willing to buy.

Follow CryptoTicker on Twitter and Telegram for daily crypto news and price analysis

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This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)

Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.

Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future. 

#xrp



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