Oh dear, it’s been a bit of a week for XRP, hasn’t it? 😬 A decline that wiped out all the gains made earlier in the week, coupled with a mass panic sell-off – it’s enough to give even the most seasoned trader the vapors. 💸
But, it seems, not everyone is running around like a headless chicken. Many traders are keeping their cool, focusing on making the most of potential price rises. 💸
The Great XRP Sell-Off
In the last 24 hours, a whopping 116.72 million XRP were sold, worth a staggering $256 million. It’s like a digital garage sale, but instead of old CDs and broken toys, people are flogging off their XRP. 🎉
This mass sell-off is, of course, driven by fear – fear that the price will continue to fall, and traders will be left with a big fat loss. But, as we all know, fear is not the best basis for making investment decisions. 😬
Despite all the doom and gloom, XRP’s funding rate remains positive. It’s like a beacon of hope in a sea of despair. 🌟 This suggests that there are still plenty of traders out there who believe in XRP’s potential, even in the midst of a market dip.
These traders are betting on the eventual price increase, showing their conviction in the long-term growth of XRP. It’s like they’re saying, “Hey, we know things are tough right now, but we’re in this for the long haul.” 💕
Can XRP Bounce Back?
At the time of writing, XRP’s price is down 8% over the last four days, trading at $2.11. It’s like the altcoin is saying, “Hey, I’m still here, and I’m not going down without a fight.” 💪
If XRP can hold above the critical support of $2.08, it could bounce back, just like it has in the past. A recovery past $2.13 would signal the possibility of a trend reversal, allowing XRP to rise towards $2.20 and potentially invalidate the bearish outlook. 🚀
But, if XRP loses the local support level of $2.08, things could get ugly. The altcoin might even test $2.00, marking a two-month low. It’s like the market is saying, “Hey, we’re not sure about you, XRP.” 😬
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2025-06-13 15:06