Ah, dear reader, gather ’round as we delve into the tragicomic tale of Ripple Labs-backed XRP, that once-glorious coin now languishing at a mere $2.41. The very essence of volatility, it has danced a merry jig of 13.2% in the last 24 hours, while its market cap, a princely $139.20 billion, seems to be holding on by a thread.
In a world where Bitcoin, the grand maestro of the crypto symphony, has taken a nosedive to $91K, our dear XRP has not escaped the tempest. With a fully diluted valuation of about $238 billion and a trading volume that would make even the most seasoned trader weep at $29.75 billion, it has plummeted over 40% in just four days, reaching a dismal low of $1.77 before attempting a feeble rebound to $2.37 during the mid-London session on February 3.
Oh, the drama! The heightened volatility has led to a staggering $123 million in forced liquidations, with long traders bearing the brunt of this financial farce. Over 80% of long XRP traders have been unceremoniously liquidated, leaving them to ponder their life choices while clutching their empty wallets.
XRP Whales Cut Down Losses
Once upon a time, the appetite for XRP among whale investors was insatiable. But alas, as the tides of fortune shifted, these mighty creatures have offloaded more than 130 million coins in the past 24 hours alone! Now, they clutch a mere 6.46 billion coins in their vast underwater vaults.
Whales have offloaded over 130 million $XRP in the past 24 hours!
— Ali (@ali_charts) February 2, 2025
Midterm Expectations
As the crypto correction unfolds like a Shakespearean tragedy, XRP has dipped below the 50-day Moving Average for the first time since its post-November bullish breakout. The weekly Relative Strength Index, once a beacon of hope, has now fallen below 70%, signaling a bearish sentiment that would make even the most optimistic trader weep.
From a technical analysis perspective, XRP is currently retesting the bullish breakout from its 2021 all-time high of around $2. Should it manage to close above this threshold in the coming weeks, we may yet witness the parabolic phase of the 2025 bull market. However, should it falter and close below $2, we might find ourselves tumbling toward the support level above $1.26, a fate that would surely send shivers down the spine of any crypto enthusiast.
Bigger Picture
In the grand tapestry of cryptocurrency, Ripple’s XRP has basked in the glow of Donald Trump’s administration, which has championed the cause of mainstream crypto adoption. Yet, the recent tariff wars with trading partners such as China, Canada, and Mexico have cast a shadow of uncertainty over the market.
As we await the next act in this unfolding drama, the fate of the previous XRP bull rally now rests precariously on the shoulders of Ripple Labs and the fundamentals of the XRPL. Will they rise to the occasion, or will we be left with nothing but a tragicomic tale of lost fortunes? Only time will tell!
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2025-02-03 15:53