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The price of Ripple (XRP) has not been able to maintain its upward trend in recent days, and with a slight decrease compared to the last two days, it has now reached the range of $2.4. The $2.54 resistance is still the main obstacle and the analysis of such data also indicates the possibility of price correction.
Ripple’s Network Value to Transaction Volume (NVT) ratio has increased dramatically, which is usually a sign of overvaluation and emotional trading overtaking real activity. These conditions have been the background for short-term reforms in the past. On the other hand, selling pressure by long-term holders has increased.
Currently, the main support of XRP is at the level of $2.35, and if it is lost, there is a possibility that the price will fall to the range of $2.27 or even $2.13. On the contrary, a strong crossing of the $2.54 resistance could pave the way for the price to return to the $2.64 level.
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