- So, XRP has taken a nosedive—down 15.3% in just a day. What a surprise! 🙄
- But hey, XRP investors are still hanging in there. Confidence? More like delusion! 😂
In the last 24 hours, while the crypto market was doing its best impression of a rollercoaster, Ripple (XRP) decided to join the fun.
At the moment, XRP has plummeted from $2.61 to a staggering low of $2.21. That’s a 15.38% drop! And if you look at the weekly and monthly charts, it’s like watching a sad movie—down 12.3% and 27.8% respectively. 🎢
Now, analysts are buzzing about whether XRP has hit its peak. Alphractal’s founder, Joao Wedson, has three “brilliant” insights on this potential top. Spoiler alert: it’s not good news! 🙈
Has XRP reached the top?
According to Wedson, XRP might have hit the market top and could plummet by 50% or more before it even thinks about rallying again. Sounds like a plan, right? 😏
Wedson points out three major factors indicating this potential top. First off, a good chunk of the bulls got liquidated. I mean, who didn’t see that coming? The market is practically begging for more liquidations! 💸
In just one day, $43 million in long positions went poof as the market crashed. Talk about a bad day at the office!
Secondly, XRP’s buying pressure has dropped from $5 billion to a measly $1.3 billion. So, more investors are selling, and the sell volume hit $1.4 billion. Low demand? Check! Price drops? You bet! 📉
Finally, Wedson noticed that Binance has been pushing for sales lately. Great! The largest exchange is just adding fuel to the fire. More sell volume equals more losses. What a delightful situation! 🙃
If this really is the top, as Alphractal suggests, XRP could drop to $1.1. Fantastic, right? Just what we needed! 🙃
What XRP charts suggest
While all this doom and gloom suggests a potential top, buyers haven’t completely lost their minds yet. AMBCrypto noted that XRP’s spot netflow has been negative for four days. Shocking! 😲
Even with the market crashing, spot netflow dropped to -$16.02 million. Buyers are still in the game, and sellers haven’t completely taken over. Yet. 😅
Whales are still holding on, with the Whale to Exchange Flow dropping from 15k to 1k. They’re not selling, which means they need a pretty good reason to jump ship. So, the market might just dodge a massive drop. For now. 🤞
Even though the market looks like it’s heading for a crash, the short-term outlook could be a wild card. Investors are still clinging to their confidence, as whales aren’t selling and everyone seems to be buying. What a twist! 🎭
If the market does take a dive, XRP could breach the $2.0 support level and drop to $1.7. But if the netflow holds strong, we might just see a bounce back to $2.3. Who knows? It’s a real nail-biter! 🍿
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2025-02-25 22:18