XRP was one of the few cryptocurrencies not going up despite the bullishness of the market. However, in the past four days, XRP price has exploded by 87%, reaching a high of $0.5544.
Big Chonis, a crypto mentor and trader, has just stated that there is a lot of euphoria around XRP, and a short looks good now.
XRP is facing short-term selling pressure after a massive rally
On the 12-hour chart, the TD Sequential indicator has presented a sell signal right as XRP price hit $0.558. The RSI has been heavily overextended since Nov 16, adding even more selling pressure for XRP.
Confirmation and validation of the sell signal could quickly drive XRP price towards the next support level at $0.426.
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