So, picture this: XRP was all set to strut its stuff and regain that bullish vibe in March, but instead, it decided to throw a tantrum. This large-cap altcoin, with a fully diluted valuation of about $236 billion (yes, billion with a ‘B’!), has taken a nosedive of nearly 4% in just 24 hours. Now trading at a mere $2.36 on this fine Thursday, March 27, during the mid-European session. Talk about a plot twist! 🎭
And guess what? Over $10 million just vanished from XRP’s leveraged trading like it was a magician’s trick, with 97% of it being long traders. Poof! 💸
What Caused XRP’s Price Drama?
Well, aside from the obvious bearish vibes, it seems the whales (you know, those big investors) have gone quiet. According to our friends at Santiment, these whale investors, holding between 1 million and 10 million coins, have been as silent as a library in the past week, clutching about 5.82 billion coins like they’re the last chocolate in the box. 🍫
Meanwhile, the SEC vs Ripple saga has wrapped up, and instead of a happy ending, it turned into a classic “sell-the-news” moment. More speculative traders have jumped in, and let’s just say, they’re cashing out faster than you can say “profit-taking.” 🤑
But don’t lose hope! XRP’s long-term outlook is still looking as bright as a sunny day, thanks to legal clarity and the growing love from institutional investors for Ripple products. 🌞
Midterm Targets
As Coinpedia has previously reported, XRP might just be pulling off a head and shoulders reversal pattern, coupled with a falling divergence of the daily Relative Strength Index (RSI). After Wednesday’s dramatic close below $2.37, XRP is now eyeing the next major support range between $1.9 and $2. Will it make it? Stay tuned! 📺
But if it manages to break above that pesky resistance level around $2.5, we could be in for a fresh pump toward price discovery. Fingers crossed! 🤞
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FAQs
What caused the recent XRP price dip?
Oh, just a little sell-the-news reaction to the SEC case closure, a dip in whale accumulation, and a surge in liquidation of leveraged long positions. No biggie! 🙄
Is XRP price expected to recover soon?
If XRP breaks above that $2.5 resistance, we might see a bullish reversal. But if it can’t hold support at $1.9–$2, we could be in for a longer downtrend. Buckle up! 🎢
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2025-03-27 11:40