Ah, dear reader! Gather ’round as we delve into the tumultuous world of Ripple Labs-backed XRP, a creature of the crypto sea, currently floundering at a precarious $2.20. 🐟
In the last 24 hours, this poor soul has been tossed about like a rag doll, suffering a volatility of 11.3% while its market cap stands at a staggering $126.93 billion. And what of its trading volume, you ask? A mere $12.49 billion, a pittance for such a grand entity!
Meanwhile, our old friend Bitcoin, that illustrious titan of the crypto realm, has slipped below a crucial support range, leaving XRP to dance on the edge of a 17% drop. Oh, the drama! 🎭
In the wake of this chaos, a staggering $56 million has been liquidated from XRP’s leverage market, with long traders from Bybit, Binance, and OKX feeling the sting of loss. It seems the whales have decided to take a breather, transferring a whopping 52 million coins worth over $128 million to the Bybit exchange. 🐋
🚨 🚨 🚨 🚨 🚨 🚨 51,999,999 #XRP (128,782,393 USD) transferred from unknown wallet to #Bybit
— Whale Alert (@whale_alert) February 24, 2025
Midterm Expectations for XRP Price
As the Bitcoin price continues to cast a shadow of bearish sentiment, it is safe to assume that XRP will follow suit, like a loyal dog chasing its master. 🐕
Technical analysis reveals that XRP has dropped below a crucial support level of $2.26, confirming the market’s gloomy outlook. Our crypto oracle, Ali Martinez, predicts a retest of the support level above $1.65. Will XRP rise from the ashes? Only time will tell!
$XRP is breaking out of an ascending parallel channel, targeting $1.65!
— Ali (@ali_charts) February 25, 2025
Bigger Picture
In a twist of fate, the rise of XRP has been fueled by institutional investors and a shifting regulatory landscape in the United States. Several prominent firms have filed for spot XRP ETFs, and the US SEC has even acknowledged some of these filings. Can you believe it? 🎉
For instance, 21Shares filed the S-1 for 21Shares Core XRP Trust, aiming to list it on the Cboe BZX exchange. The SEC’s acknowledgment has opened a 21-day period for public comment. WisdomTree is also in the mix, having filed its spot ETF. The crypto world is buzzing!
Other notable fund managers, such as CoinShares, Canary Capital, and Bitwise Asset Management, are also in the race for spot XRP ETFs. With the regulatory shift under President Trump, the odds of a swift resolution to the ongoing Ripple case and ETF approval are looking up!
Meanwhile, Ripple Labs is not sitting idle; they are making strategic XRPL developments and forging partnerships to ensure XRP’s seamless adoption in the mainstream. Onward and upward, dear XRP! 🚀
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2025-02-25 15:20