XRP \u2013 the token associated with fintech company Ripple \u2013 incurred some massive momentum yesterday that allowed the cryptocurrency to climb 13% at one point, thus putting significant distance between its recent lows of $0.18. This rally, however, has proven to be fleeting, as the token has now erased nearly all of its gains.<\/p>\n
Some analysts are noting that, in addition to there being a technical factor behind this retrace, it could also stem from investors being concerned that Ripple could have been planning another massive token dump during this rally, thus shifting the tides back into the favor of sellers.<\/p>\n
At the time of writing, XRP<\/a> is trading down roughly 3% at its current price<\/a> of $0.213, which mark a massive retrace from its daily highs of just under $0.23 that were set at the peak of yesterday\u2019s rally.<\/p>\n The embattled token has been able to hold on to some of the gains that were incurred yesterday, as it is currently trading up from its weekly lows of $0.186 that were set last week during the sharp sell-off experienced by the aggregated crypto market.<\/p>\n XRP is currently trading down over 7% against its BTC trading pair, which comes as Bitcoin is caught in a firm uptrend as it breaks above its key resistance level at $8,000.<\/p>\n Big Cheds, a popular crypto analyst on Twitter, spoke about today\u2019s XRP sell off, pointing to a chart that shows the massive retrace the crypto underwent in the time following its recent rally.<\/p>\n \u201c$XRP #Ripple – almost all of yesterday\u2019s gains have been given back,\u201d he explained in a recent tweet.<\/p><\/blockquote>\n $XRP<\/a> #Ripple<\/a> – almost all of yesterday\u2019s gains have been given back. #TheStandard<\/a> https:\/\/t.co\/uRpNZoBrl5<\/a> pic.twitter.com\/5L1TN6aN5J<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) January 7, 2020<\/a><\/p><\/blockquote>\n\n