Why XRP’s Rollercoaster Ride is the Best Comedy Show in Crypto! 🎢😂

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Ah, dear reader, gather ’round as we delve into the curious case of XRP, which has plummeted from a lofty perch of $2.33, only to find itself clinging desperately to the fragile support of $2.25. Such is the nature of the cryptocurrency market, a veritable tempest of volatility that leaves even the most stoic of traders quaking in their boots.

Massive liquidations leave long-position traders gasping for air

In a most astonishing turn of events, data from CoinGlass reveals that in the span of a mere 24 hours, a staggering $8.49 million has been liquidated from XRP. One cannot help but chuckle at the plight of those who dared to bet long on this capricious coin, suffering the brunt of this financial tempest.

Indeed, our intrepid long-position traders have collectively lost a jaw-dropping $6.42 million, while their short-position counterparts have only seen a modest $2.07 million swept away. It seems the universe has a peculiar sense of humor, favoring the shorts while leaving the longs to ponder their life choices.

This unfortunate turn of events has resulted in a rather comical 102% liquidation imbalance, a statistic that would surely make even the most seasoned trader raise an eyebrow. The failure of XRP to maintain its price rebound has left long traders reeling, their dreams of riches dashed against the rocky shores of reality.

As a consequence, the confidence of XRP investors has taken a nosedive, with trading volume plummeting in tandem. According to the ever-reliable CoinMarketCap, XRP has seen a decline of 7.79%, now languishing at a market cap of $3.47 billion. At one point, it even dipped below the $2.25 support, flirting with the idea of trading at $2.24 before regaining its composure—if only for a moment.

Market participants, ever the vigilant hawks, are now keenly observing XRP’s price action, pondering whether a correction is on the horizon and how they might profit from this delightful chaos.

In a twist worthy of a Shakespearean play, a top trader has hinted at a clandestine accumulation of XRP, suggesting that behind the scenes, there is an increased buying activity. Perhaps the plot thickens!

Can XRP reclaim its 2018 all-time high?

As reported by U.Today, the price of XRP is predicted to soar as high as $3.47, a prediction that rests upon the higher band of the asset’s Bollinger Bands. Should this come to pass, XRP may very well retest its all-time high of $3.84, a lofty achievement recorded seven long years ago in 2018.

Yet, analysts, those ever-cautious seers of the market, expect XRP to continue its consolidation for a spell before it can even dream of reaching such heights. Technical indicators suggest that it may encounter resistance at $2.54. Should the altcoin manage to transform this resistance into support, it might just muster the courage to attempt a leap towards $3.

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2025-03-18 18:46