XRP Soars to Record High, But Bearish Signals Could Spell Trouble Ahead!

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The Ripple-affiliated XRP token has scored its highest weekly of $2.95 on the Binance exchange. 

Despite strong efforts from XRP supporters, they failed to maintain the token’s value above the significant psychological barrier at $3 following a steep decline of around 14% on Sunday, bottoming out at an intraday minimum of $2.8.

The token’s price is now at $3.1 following a period of decline, but it has since regained some ground in line with other significant cryptocurrencies. Notably, Bitcoin, which momentarily fell below $100,000, is now being traded above $105,000 as per CoinGecko’s data.

market research by MarketProfit indicates that overall public opinion towards cryptocurrency is generally negative or pessimistic, as evidenced by numerous discussions about the token on social media. Furthermore, large investors known as “smart money” are reportedly taking a bearish stance on the token according to MarketProphit’s analysis.

Based on CoinGlass’s data, approximately $32.5 million in XRP tokens were liquidated over the last day. Long positions accounted for about 84% of this total loss, with around $10 million worth of these liquidations occurring specifically on the Binance exchange.

The current total value of all future contracts for XRP is approximately $6.69 billion, representing an 11% decrease in comparison to the previous day.

7 years after its introduction, the XRP token achieved a fresh all-time high last Thursday, reaching $3.4 on the Bitstamp platform.

Regarding the latest adjustment, it’s worth noting that the XRP token has surged by a remarkable 26% within just seven days.

The Ripple-affiliated token is likely to remain in the spotlight due to growing ETF buzz.

Lately, ProShares, a well-known provider of exchange-traded funds, has submitted applications for funds that are leveraged, inverted, or based on futures contracts related to Ripple (XRP).

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2025-01-20 10:04