XRP, below short-term defense line...global trading volume plummets 44.25%

▲ XRP/AI-generated image

While XRP fell below 1,600 won on Upbit, its global price also dropped below $1.17, which CoinMarketCap identified as a short-term defense line.

As of November 7, 11:52 PM (KST), XRP was trading at 1,593 won on Upbit, down 15 won (0.93%) from the previous day's closing price. The high for the day was 1,614 won, and the low was 1,571 won. The recent 24-hour trading volume was approximately 69.29 million XRP, and the trading value was approximately 110.6 billion won.

At the same time, according to CoinMarketCap's global aggregation, XRP recorded $1.16, a 1.61% decrease from 24 hours ago. The 24-hour trading volume decreased by 44.25% to $1.88 billion, and its market capitalization was $74.12 billion, ranking 5th. Upbit's fluctuation rate is calculated based on the previous day's closing price, while CoinMarketCap's fluctuation rate is based on the price 24 hours ago.

CoinMarketCap's artificial intelligence (AI) analysis, as of 12:04 PM on the same day, cited the overall weakness of altcoins as the main reason for XRP's decline. At the time of the analysis, the Altcoin Season Index had fallen 10.2% in a week to 44, and there had been no net inflows into the US XRP spot Exchange Traded Fund (ETF) for several days, the analysis stated.

CoinMarketCap predicted that if the daily closing price forms below $1.17, it could fall to $1.11, which is the Fibonacci 78.6% retracement level. It suggested recovering $1.2 as a benchmark for assessing price stability.

[Article Key Summary]

-XRP traded at 1,593 won on Upbit, down 0.93% from the previous day's closing price.

-According to CoinMarketCap's aggregation, the global price was $1.16, down 1.61% in 24 hours, and trading volume decreased by 44.25%.

-CoinMarketCap AI analyzed that if the daily closing price falls below $1.17, it could drop to $1.11.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*