XRP and LTC continue to display more weakness against the US Dollar on the daily chart, respectively shedding out 1.8% and 2.1% from their values in the last 24 hours. Other top cryptocurrencies have also been on the same trend as Bitcoin continues to fail in exceeding the $9,000 resistance point in the last few days, resulting in it plummeting to its lowest week price yesterday.
At press time, a unit of Bitcoin is priced $8,456 while XRP and LTC go for $0.2610 and $57.9 against the US Dollar.
Furthermore, there could be more buzzing blow for the XRP and LTC as the volume of net outflow of the two altcoins surges abruptly above $32 million.
According to Coinness, Litecoin and XRP had the highest net outflow in the last 10 hours. As monitored by the platform, between the hours of 00:00 to 10:00 (UTC) on November 16, LTC and XRP presented a whopping net outflow of $52.07 million and $32.65 million respectively.
Following the downtrend, there have been speculations in the crypto community that this could mean a further dip for the two cryptocurrencies.
The increase in the net outflow shows an increase in selling pressure within the ecosystem of the two altcoins, and this is apparently a negative indication for the price of any asset.
Selling pressure actually indicates further loss especially at the time the crypto market is being battered by forces of the bear. After falling out on the market upside trend on a number of occasions, Litecoin and XRP have failed against the 200-day moving average hurdle on November 16.
At press time, both XRP and LTC are presenting marginal loss on the daily chart.
As presented in the charts below, XRP and LTC are already descending below the 200 SMA and this could be very dangerous for the price of the altcoins in the long term. XRP and LTC could be heading for resistance below $0.24 and $48 respectively.
Image Credit: TradingView.
Contrarily, ETH, BNB, and BCH topped the list of crypto assets with the highest inflows. The three crypto assets presented $12.66 million, $2.56 million and $2.34 million inflows, respectively.