Crypto Calamity: XRP’s Bewildering Descent Amid Tariff Tumult! 😀

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In this topsy-turvy era where fate seems as whimsical as a Gogolian fable, our dear XRP—priced now at $1.77—finds itself ensnared by a farcical dance of numbers. Its 24-hour volatility of 14.0% and a market cap towering at $102.55 B, alongside a daily volume of $10.70 B, serve as ironic testimonials to the absurdities of modern finance. All this, thanks to the peculiar tariffs championed by President Donald Trump, as if they were the very strings of fate pulled by some unseen hand. 😏

Once buoyed by the sturdy support of $2, XRP now languishes in a pit of despair where the mighty bulls have all but fled, and murmurs of an ominous Black Monday whisper through the corridors of traders’ hearts. The scene is set for a tragedy mingled with dark humor—one that would leave even the most stoic observer wryly amused.

XRP Shatters Its Illusory Bulwark

Lo and behold! Over the course of the past week, the proud XRP was seen plummeting to a woeful low of $1.640, thus shattering its once-reliable $1.7 barrier. This descent, as if choreographed by the cruel hand of chance, marks the formation of a most peculiar Loss of Key (LOK) support.

The oracle known as CoinGlass has revealed that over $67.7 million in precarious XRP positions were swept away—$58.11 million of them long positions—propelling a madcap surge in sell-side frenzy. A cavalcade of bearish forces now outstrips any hopeful long positions in this grotesque ballet. 😂

The dwindling number of active wallet addresses only adds to this absurd spectacle, underscoring the dwindling resolve of those once-daring souls who braved the digital markets.

Even the venerable Peter Brandt, a sage in the realm of speculative adventures, hints that a further descent to a meager $1 might be imminent if XRP forsakes its critical bastion of support.

Source: TradingView

With the Relative Strength Index teetering at 30.79 and the dreaded MA Cross signaling its morbid “dead cross,” one dares to hope for a miraculous rebound—a hope as improbable as a happy ending in one of Gogol’s most twisted tales. 😅

Trump’s Tariff Quips Stir the Grand Melange

In recent weeks, XRP—like a lone wanderer on the vast steppe—has repeatedly tested the $2 support, a relic born of the uncanny tariff debacle orchestrated by Donald Trump. Though the coin once flirted with resilience, the heavy-handed pressure of the broader market has left it gasping in a theater of economic farce.

Cryptocurrencies, those capricious sprites dancing to their own mysterious tune, now mirror the absurdity of an economic tempest foretold by Trump’s wry tariff pronouncements—a portent of further calamities for risk assets such as XRP.

Meanwhile, the ominous rumblings of Black Monday echo through a market that has seen its total cap tumble by 9% to a modest $2.4 trillion, while the US stock realm stumbles into one of its most calamitous days, as S&P 500 futures dip by 2.88%.

In a twist that could rival the most whimsically tragic of fables, Coinspeaker announces that Coinbase has submitted its XRP futures proposal to the US Commodity Futures Trading Commission, with the tantalizing promise of its debut by April 21.

The days ahead are set to unfold like a Gogolian epic—a blend of humor, tragedy, and a dash of sarcasm, where the fate of XRP may very well redefine the absurd contours of this digital carnival. 😂

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2025-04-07 18:33