Ah, the saga of XRP! After a six-year odyssey, it has once again touched the mystical $3 mark, a psychological beacon last glimpsed during the euphoric crypto bull run of 2017. Yet, like a soap opera villain, macroeconomic shocks, courtesy of the trade war orchestrated by none other than President Trump, have sent XRP tumbling back into the abyss.
As of February 6, our dear XRP was languishing at around $2.40, a staggering 30% drop from its recent high of $3.40, which it had only just achieved three weeks prior. Talk about a rollercoaster ride! 🎢
But wait! Don’t shed too many tears just yet. This Ripple-associated token is still basking in the glory of a 400% increase from its local low of about $0.50 back in November 2024. Who knew crypto could be so dramatic? 🎭
Is this the end of the rally, or a golden opportunity to buy? 🤑
Will XRP plummet another 30-45%? 😱
According to the ever-optimistic market analyst Credibull Crypto, XRP might just drop another 30-45% in the coming weeks. Because who doesn’t love a good cliffhanger?
In his latest analysis, he suggests that XRP could plummet toward its “local lows” nestled in the $1.60-1.30 region, as depicted in the chart below. Buckle up! 🎢
Fellow analyst Nishant Bhardwaj chimes in, echoing the $1.60 target. He warns that XRP must cling to the $2.50 support level like a lifebuoy to keep its upward momentum afloat. 🛟
Bhardwaj quipped in an X post:
“A strong bounce from sub $2 levels suggests demand, but bearish pressure persists. Watch $2.50. A breakdown could lead to $2.00 & $1.61 support tests.”
Interestingly, a deeper dive into the Volume Profile analysis of the $1.60-1.30 region reveals it as a bustling hub of trading activity in recent months. The $1.60 level is just a hair’s breadth—20 cents—below the 200-day exponential moving average (200-day EMA; the blue wave) support. Talk about a close call! ⚖️
Overall, the $1.60-1.30 area is likely to become a strong demand zone, with buyers poised to swoop in like superheroes. 🦸♂️
XRP whales and South Korean traders dive into the dip! 🐋🇰🇷
Recent market antics underscore the need to keep an eye on South Korean traders, who are like the canaries in the crypto coal mine, signaling retail sentiment and speculative trends.
As revealed by cumulative volume delta (CVD) charts from analyst LTRD, traders on Upbit have been on a buying spree, snapping up Bitcoin (BTC) and XRP while tossing Ether (ETH) overboard during the latest market correction. CVD is the net sum of buy and sell trades, and it’s looking like a party! 🎉
This behavior hints at a strategic capital rotation, with South Korean investors seeking refuge in BTC and XRP. Who knew they were such savvy sailors? ⛵
What’s even more intriguing is the consistent accumulation of XRP, especially when juxtaposed with Ethereum
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2025-02-06 19:14