Is XRP About to Crash? The $2 Drama Unfolds! 😱💸

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So, here we are, folks. Cryptocurrencies, including our dear friend XRP, are taking a nosedive this fine Wednesday morning. I mean, who could have seen that coming? Bitcoin (BTC) and the big players are down over 3% because, you know, profit-taking is all the rage after Tuesday’s little party. XRP? Oh, it decided to drop 4.55% in the last 24 hours, landing at a thrilling $2.07. What a rollercoaster! 🎢

Now, XRP has been on a steady decline since April 13. Two out of three days in losses? Sounds like my dating life! But hey, it’s still up 14% weekly. Fundamentals are looking a bit better, though. ProShares, the ETF provider, decided to amend its spot XRP ETF filing on Tuesday, aiming for an April 30 debut. Because nothing says “trust me” like a last-minute change, right? 🤔

Now, let’s talk about the $2 mark. The market is watching it like a hawk. If XRP can hold above it, we might see some strength and a potential bounce. But if it drops below? Oh boy, we could be looking at a trip down to the $1.61-$1.72 support zone. It’s like watching a bad reality show—will they or won’t they? 📉

But wait! If the bulls can defend the $2 level and buying volume comes back, we could see XRP rebound to the $2.23 barrier. That’s right, folks, it’s all about the daily SMA 50 in the short term. But if it breaks below $2? Well, let’s just say it could get ugly, especially if the broader market decides to throw a tantrum. 😬

Markets on edge

The sentiment in the equity and cryptocurrency markets turned sour late Tuesday. Why? Because Nvidia shares fell in after-hours trading, and the sell-off just had to extend into Wednesday. In the last 24 hours, the crypto market faced a whopping $240 million in liquidations. Talk about a bad day at the office! 💼

Today, we’re all waiting for the U.S. retail sales report and Federal Reserve Chairman Jerome Powell’s speech. Because nothing says “economic insight” like a guy in a suit talking about numbers. The March retail sales report is set to drop Wednesday morning, and Dow Jones economists predict consumer spending to rise 1.2% this month. Up from 0.2% in February. Wow, what a leap! 🙄

And let’s not forget, Chairman Powell is slated to speak at the Economic Club of Chicago today. I can’t wait to hear his outlook on the U.S. economy. Spoiler alert: it’s probably going to be a mixed bag! 🎤

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2025-04-16 14:41