XRP Price Drama: Token Falls Below $2.30, $31M Liquidated, Whales Flee!

Key Takeaways:

Oh dear! XRP price plunges below $2.30 despite Ripple‘s happy corporate news. So much for good vibes!
Over $31 million in XRP positions vanished in just 24 hours. RIP long traders. 😬
Whales are selling 900,000 XRP in a mere 5 days. Could this be the end of their love affair with XRP? 🐋
Ripple isn’t bothered though – they just bought Palisade to bulk up their institutional charm offensive.

XRP Faces Renewed Selling Pressure

XRP continued its downward spiral on Tuesday, sinking beneath $2.30 after a wave of liquidations and a seemingly endless stream of XRP flowing out of whale wallets. The token has tumbled more than 14% over the past week, now chilling at $2.27, according to CoinMarketCap. A solid result for a digital currency, isn’t it?

The price drop occurs despite Ripple’s shiny news about corporate acquisitions, making us wonder if someone forgot to tell the market about these wonderful things. Market sentiment? It’s fragile, like a glass vase being held by a toddler. Traders are skittish, profit-taking is rampant, and altcoins’ momentum is, well, fading away.

Coinglass reports a spectacular $31.8 million worth of XRP positions were liquidated in just the past 24 hours. Most of it? Long positions, because leveraged buyers apparently didn’t get the memo that a correction was coming. Oops. 💸

Whales Take Profits as On-Chain Metrics Turn Bearish

According to analyst Ali Martinez, a mere 900,000 XRP tokens were sold by whales in just five days. How quaint. All this selling happened while network activity was waning and technical indicators on the daily chart seemed to be playing their own sad little tune.

900,000 sold by whales in just 5 days! Who needs whales when you’ve got short-term panic? 🐋

– Ali (@ali_charts)

The Relative Strength Index (RSI) is flirting with the 45 mark, suggesting a neutral-to-bearish mood, and the MACD continues to be as useful as a broken compass, hovering below the signal line, pointing south. This is not exactly a recipe for excitement, is it?

Meanwhile, XRP’s recent rollercoaster has triggered liquidations across derivatives platforms. Traders are wisely pulling back, possibly seeking some stable ground. But hey, long-term prospects are still looking alright, especially if Ripple’s ever-growing institutional connections are anything to go by.

Institutional Expansion Continues with Palisade Acquisition

Ripple isn’t going down without a fight, though. They’re out there making acquisitions like it’s a Sunday stroll. They’ve just acquired Palisade, a digital asset custody and wallet provider. Could this be their secret weapon for world domination? Possibly. 😏

In case you’ve missed it, Ripple has been on an acquisition spree, scooping up Hidden Road for a cool $1.25 billion, Rail for $200 million, and GTreasury for a staggering $1 billion. A humble $4 billion in acquisitions later, and Ripple is making quite the case for being a serious contender in digital finance.

Monica Long, Ripple’s President, cheerfully claimed that Palisade will now bring a touch of “bank-grade” security to Ripple, with some fancy tech like multi-party computation (MPC). Ripple’s goal? To give corporates the smoothest, most secure path to crypto adoption – because who wouldn’t want that? 💼

RLUSD Reaches $1 Billion Market Cap

Ripple also took a moment to congratulate itself on its U.S. dollar-backed stablecoin, RLUSD, which hit a $1 billion market cap within just one year. A stablecoin that is “trusted” and “transparent” (how rare in crypto, right?)-and apparently loved by institutions everywhere.

RLUSD: One Year, One Billion→ $1B+ Market Cap→ 1:1 USD-backed→ The #1 trusted and transparent stablecoin for institutions. Oh, and it’s also pretty nifty.

– Ripple (@Ripple)

The combination of RLUSD and XRP promises faster, more compliant settlements for the banks and corporations of the world. Ripple’s goal? To make digital asset payments as smooth as a perfectly shaken martini. 🍸

Market Outlook: Can XRP Recover from Here?

Despite all of Ripple’s expansion and institutional swagger, XRP’s price chart looks a little, well, underwhelming. The RSI remains somewhere near the lower limit, and the MACD continues its sad little dance below the signal line. Sounds like the market’s not throwing a party for XRP just yet.

Market analysts are whispering that if XRP can’t hold support near $2.20, the next stop could be $2.00. Will this happen? Hard to say. But if institutional buyers come in with their wallets open, or if Bitcoin manages to find its footing, XRP might just get a little boost. Here’s hoping. 🤞

As of now, XRP boasts a market cap of $136.5 billion, ranking fourth among cryptocurrencies, with a trading volume of $7.68 billion. Impressive numbers, but we could still use a little less drama.

Final Thoughts

While the current correction has rattled short-term traders, Ripple’s ongoing efforts to expand and diversify its network of acquisitions and partnerships provide a solid foundation for XRP in the long run. The company’s commitment to building a robust ecosystem may just be the anchor XRP needs to weather the storm, even as the market deals with short-term selling pressure.

Disclaimer: This article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always do your own research and consult a licensed financial advisor before making any investment decisions. (Seriously, do it.)

2025-11-04 15:39