Good heavens! The price of XRP has taken a most precipitous tumble, mirroring, as it were, the lamentable state of both the stock and crypto markets. One can scarcely believe the folly of it all! 😱
- XRP, that once-proud token, has suffered a most unseemly crash this week, as the crypto market’s plunge accelerated with all the grace of a fallen debutante. 🌀
- The poor dear is on the brink of forming a death cross pattern on the daily chart-a most ominous portent indeed! ☠️
- And let us not forget Ripple’s break-and-retest pattern, a maneuver as awkward as a misstep at Almack’s. 💃
Ripple (XRP), once the darling of the crypto ball, has plummeted to a low of $2.4400, its most abject level since October 24, and a full 35% below its highest point this year. This calamity has reduced its market cap to a mere $157 billion-a sum that, while still considerable, scarcely warrants a second glance from the ton. 🤑
The cause of this debacle? Why, it is the ongoing crypto market crash, brought about by the Federal Reserve’s decision and the much-anticipated meeting between Messrs. Trump and Xi Jinping at the APEC summit. The Fed, as was universally expected, deigned to cut interest rates by a paltry 0.25%, and announced the end of its quantitative tightening process in December. As for the summit, it appears the two gentlemen made concessions-though one wonders at what cost to their dignity! 🤝
And yet, despite these seemingly favorable tidings, XRP and its crypto brethren are in freefall, for the news was, as they say, priced in. Investors, those fickle creatures, are selling with all the haste of a lady fleeing an unsuitable suitor, and await the next catalyst with bated breath. 🏃♀️💨
Adding to XRP’s woes, its futures open interest has dropped to $4.26 billion, a far cry from this week’s high of $4.46 billion, and a mere shadow of its former glory at $11 billion. One can only imagine the despair of its holders! 😢
Yet, let us not despair entirely, for XRP retains its potential bullish catalysts. The Ripple USD stablecoin, for instance, continues to thrive, its supply swelling by 15% in the last 30 days to a respectable $908 million. And the number of RLUSD stablecoin addresses has jumped by 27%, while the volume has soared to over $4 billion-a most impressive feat! 🚀
Moreover, the recently launched XRPR ETF has amassed over $113 million in assets, and one hears whispers that the SEC may approve more XRP ETFs before the year’s end, thereby increasing demand. Could this be the silver lining to XRP’s cloud? 🌥️
XRP Price Technical Analysis
The daily chart reveals that XRP’s price has been in a most lamentable downtrend these past months, forming a descending triangle pattern with a lower side at $2.70. A most inauspicious formation! 🔻
The token made a bearish breakout earlier this month, as the crypto market plunged into chaos. It then executed a break-and-retest pattern, returning briefly to $2.70, only to resume its downward spiral. One can almost hear the collective sigh of its holders! 😔
Most alarming of all, XRP is on the verge of forming a death cross pattern, as the spread between the 50-day and 200-day moving averages narrows. It appears the token is destined to continue its descent, with the next target being a mere $2-a drop of 18% from its current level. Whatever shall become of it? 🤷♂️
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2025-10-30 22:40