Oh, what a jolly old ruckus in the world of XRP! This cheeky little altcoin has managed to keep its head above the $2 mark this week, all thanks to a bunch of traders who decided to dive in like kids at a candy store during a market crash. The traders on the Korean exchange Upbit and Bybit were snapping up XRP like it was the last chocolate bar on the shelf! 🍫
Traders Swapped ETH for BTC and XRP as Markets Went Kaput! 💥
Now, let’s talk about the rollercoaster ride XRP took recently. It plummeted faster than a lead balloon, hitting a low of $1.78 on February 3rd, after soaring to a dizzying high of $3.08 just two days prior. But fear not! Our plucky little XRP managed to cling on to the magical $2 mark like a cat on a hot tin roof. An anonymous market analyst, who goes by the name of ltrd (sounds like a wizard, doesn’t it?), pointed out that those crafty Korean traders were the ones waving their magic wands to bring XRP back to life! 🪄
In a rather amusing post on X, the analyst revealed that these traders were “aggressively” buying XRP and BTC while tossing their ETH bags out the window during the sell-off. The analyst added,
“Even more interesting is that they did so consistently over the entire period, not just at a specific moment—they were actively swapping ETH for BTC and XRP.”
Upon closer inspection (with a magnifying glass, of course), it seems that most buy bids were lurking just under $2, as the cumulative volume delta (CVD, which sounds like a fancy medical term) shot up during the witching hour of 2:00-3:00 UTC on February 3rd. XRP took a nosedive to $1.78 but then bounced back like a rubber ball, closing above $2.15. Quite the acrobatics, wouldn’t you say? 🤹♂️
While our Asian friends were busy keeping XRP afloat, whispers from CryptoQuant hinted that some XRP whales might be having a little spring cleaning and selling off part of their treasure troves. 🐋
In the past day alone, over 15,008 transactions took place, with whales moving more than 180 million XRP tokens to Binance. That’s the largest whale shuffle since January 8th! Talk about a busy day at the office! 🏢
XRP Open Interest Takes a Nosedive of 44% in February! 📉
While spot traders were having a field day, a 42% flash crash wiped out a hefty chunk of XRP futures open interest (OI). As shown in the chart (which I’m sure is as thrilling as watching paint dry), XRP OI plummeted by 44% in February, dropping from a high of $6.35 billion to a mere $3.55 billion. Ouch! That’s gotta hurt! 😱
The aggregated XRP open interest across all exchanges has now sunk to November 2024 lows, indicating a complete flush of leverage positions over the past three months. The funding rate has also been reset, which means most traders are currently sitting on the sidelines, munching popcorn and watching the show. 🍿
From a technical perspective (which sounds very serious), XRP is still threading its way down a descending channel pattern, with both the 50-day and 100-day EMA acting as overhead resistance. The altcoin is gearing up to retest the daily order block, which could be the first area
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2025-02-06 21:46