XRP’s $2 Frenzy: Are You Kidding Me?

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You know, according to these so-called analysts, XRP is teetering on some fancy “accumulation zone.” A zone, by the way, that’s supposed to pump prices to the moon any minute now. Yeah, sure. Because we all need more tension in our lives, right? 🤷‍♂️

So, on April 8, this Analyst Dom fellow hops on X and mentions how XRP is filling some “liquidity void.” And I’m thinking, “Great, one void in my life wasn’t enough—now there’s a second, and it’s about XRP’s price inefficiencies from November. How lovely.” Apparently, this puts XRP in a tight range between $1.50 and $2.00. Tight range, big hype, you get the idea.

We’ve also got this $2 mark—like it’s the Holy Grail of crypto or something. If the price breaks it, we can all pop champagne. Or so they say. Meanwhile, XRP’s price has been dipping, and the market cap is still a massive $104 billion. But hey, the daily trading volume also took a nose-dive. Don’t mean to be a downer, but come on, people—let’s not break open the confetti just yet. 🤦‍♂️

Bullish catalysts for XRP

Now, there’s apparently a laundry list of “positive developments” for XRP. And guess what? Everyone’s convinced the price is about to shoot to the moon. First, there’s Teucrium’s leveraged XRP ETF—XXRP. Double the daily returns, which also means double the potential panic, if you ask me. But sure, institutional involvement is “legitimizing Ripple-based investment products.” Isn’t that just peachy? 🙄

Next, the SEC decided to drop its appeal on that Ripple case, but slapped them with a $50 million penalty. Such a bargain. At least now, you’ve got big players like Franklin Templeton sniffing around for a spot XRP ETF. Maybe they’ll invite me to the party. (Probably not.) Rumor has it we’ll see a spot XRP ETF by the end of 2025, and the odds went from 72% to 77%. Ooh, a 5% jump. Let’s all freak out. 😏

But wait, there’s more! Ripple acquired Hidden Road for a cool $1.25 billion, expanding its “institutional footprint.” I guess now they get the fancy business lounge privileges. Meanwhile, the on-chain metrics say big-shot wallets (100,000 to 100 million XRP) are grabbing XRP like it’s on sale at a buy-one-get-one event. Supposedly a sign of confidence. Or maybe they just like to hoard. 🤷‍♂️

Oh, and then there’s this MVRV Z-Score business. Apparently, at 1.43, it’s super low compared to last time, which might mean a bottom is near and the market’s ready to bounce. You know, I do love a good bounce—but let’s not jinx it. Also, the weighted funding rate turned green. Green—like money, or envy, or that questionable holiday sweater in your closet. Either way, it means more people are betting bullish. Way to live on the edge, folks.

Analysts at crypto.news are still chanting “$2!” like it’s the new hallelujah. Meanwhile, Standard Chartered is claiming XRP might hit $5.5 by year-end, because sure, let’s double and triple these numbers while we’re at it. I’ll believe it when I see it. 🤔

XRP still in correction phase

But hold on—Trader Chetan Gurjar waltzes in with some Elliott Wave theory. Picture everyone else chanting “To the moon!” and Chetan’s like, “Nah, we’re still in wave 2, folks,” basically telling us we’re in a healthy dip if you’re into that kind of thing. His bottom zones are at $1.48, $1.1453, and $0.8856—because everything has to be ridiculously precise. 😬

Apparently, he’s also got grand ideas of $8–$12 in the long run, or even $23–$30 if the crypto gods are feeling particularly generous. But if XRP drops below $0.3823, it invalidates this wave count. So yeah, wave counts are magical until they’re not. 🤦‍♂️

And there you have it. A bunch of bullish chatter, a few cautionary signals, and a whole lot of “Wait, is $2 a done deal or just a big tease?” Honestly, if XRP were a person, it’d be that friend who’s always promising you tickets to the big game but never comes through. And yet, here we are, still clinging to hope with a side of skepticism. Is that the Larry David style or what? 😏

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2025-04-09 10:48