Breaking News: XRP’s Dramatic 59% Plunge – Prepare for Market Mayhem! 🚨💼

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Breaking News: XRP’s Dramatic 59% Plunge – Prepare for Market Mayhem! 🚨💼

It appears that our dear XRP has taken an rather dramatic tumble, dear reader! According to that venerable institution, Glassnode, the open interest in XRP’s futures has plummeted from an impressive 1.7 billion XRP in the early days of October to a mere 0.7 billion XRP. A fall of nearly 60%-truly, a feat that would make even the most stoic broker blush! 📉

Now, this figure represents the total number of open contracts upon XRP futures, a number that often reflects the fervent speculation of market participants. When this number is high, one might say traders are quite eager to wager their fortunes on the whims of the crypto gods.

But oh! How quickly the tides have turned! A significant decrease in open contracts signifies that many a trader has hastily closed their positions-perhaps in a panic or a calculated retreat. As Glassnode charmingly describes it: a “flush-out.” Truly, a day for traders to regret their impulsiveness. 😅

Adding to the tale of woe, the funding rate-an elegant measure of what traders pay or earn when holding leveraged futures-has dwindled from a modest 0.01% to a minuscule 0.001%. Such a decline typically signals that bullish optimism has begun to wane, much like a dinner party losing its charm after too much wine.

“Turning point”

Now, mark your calendars, for on October 10th, dear reader, was declared by our wise Glassnode to be a “turning point.” The market’s bullish enthusiasm seemed to pause, catching its breath-and perhaps pondering its next move in a most dramatic fashion.

Alas, the share of XRP supply in profit has dwindled to 58.5%, the lowest since November of 2024-when the price hovered at a modest $0.53. Today, despite soaring to $2.15-a number that would make any economist blink-the supply in loss remains a staggering 41.5%, roughly 26.5 billion XRP, thus indicating a market teetering on the precipice of fragility. 😏

What can we conclude from this theatrical display? According to the esteemed Glassnode, it is a “clear sign” of a top-heavy, structurally fragile market, dominated by those who purchased late to the party-perhaps just in time to witness the music stop.

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2025-11-30 22:39