So, XRP has decided to throw a little tantrum and flash a “death cross” on its four-hour chart. Yes, you heard that right—a death cross! It’s like the cryptocurrency version of a dramatic soap opera, where the short-term moving average just couldn’t handle the pressure and dropped below the long-term moving average. Talk about a mid-life crisis! 😅
Meanwhile, the wider crypto market is having a bad hair day, with most assets trading in the red. Bitcoin and Ethereum are down, and it seems like they’ve both just lost a bet at the casino. XRP, on the other hand, is down 5.04% in the last 24 hours, currently sitting at a modest $2.41. If you zoom out, you’ll see it’s lost 22% of its value in the last week. Ouch! That’s like finding out your favorite pair of jeans no longer fits. 😩
Mixed signals? More like a mixed bag of nuts!
Now, let’s talk about the rollercoaster ride that is XRP. It’s up a whopping 383% yearly—yes, you read that right! Most of those gains came in Q4 of 2024, when everyone was feeling particularly optimistic. In January, XRP reached a seven-year high of $3.38, and I can only imagine the champagne corks popping. 🍾
But wait! Just when you thought it was safe to go back in the water, a major sell-off happened at the start of the week. Net exchange inflows turned positive early Thursday, with over $15 million in XRP transferred to centralized exchanges. It’s like watching a game of musical chairs, where everyone is trying to sell before the music stops. 🎶
And while the 200-day SMA is at $1.30—lower than the current price—indicating a longer-term bullish trend, it’s hard not to feel like we’re all just waiting for the other shoe to drop. 👠
On the upside, immediate resistance is at $2.49, followed by $2.60. If XRP can break through these levels, we might just see a rally that would make even the most seasoned traders raise an eyebrow. But if it continues to fall, support is expected near $2. It’s like a game of limbo—how low can you go? 🤔
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2025-02-06 19:08