XRP Dives 1.7% Amid Profit-Taking and Long Liquidations

XRP has dropped 1.7% in the past 24 hours to around $1.39, largely due to increased long liquidations and its inability to hold above $1.40.

Despite this decline, the token remains above its key moving averages, including the 20-day, 50-day, 100-day, and 200-day exponential moving averages.

The selling pressure has been exacerbated by profit-taking following XRP's August rally, which saw it climb from close to $1 to around $1.70 before traders began locking in gains.

However, the token's recent price action has left the $1.43 to $1.46 area as resistance, with a daily close below $1.35 potentially removing a crucial support level that has held since XRP's early September recovery.