Oh, dear reader, the XRP price has been on a rollercoaster ride this month, and not the fun kind. It’s more like the kind where you lose your lunch and your dignity. After a glorious January, it’s now tumbling faster than a clumsy clown on a unicycle, down by almost 30%. 🎪
On Wednesday, the Ripple (XRP) token hit a low of $2.4335, which is about as cheerful as a soggy sandwich. Its daily trading volume and futures open interest also took a nosedive, leaving investors scratching their heads and clutching their wallets. 💸
According to CoinGlass, futures open interest dropped to a measly $3.45 billion on Wednesday, down from a whopping $7.45 billion in January. That’s like going from a five-course feast to a stale cracker. The daily XRP volume also plummeted to $4 billion from over $32 billion just a week ago. Ouch. 📉
But wait! There’s a glimmer of hope on the horizon. Polymarket’s odds of a spot Ripple ETF have skyrocketed to over 80%. JPMorgan predicts that spot XRP ETFs could see over $8 billion in inflows in the first year. That’s more than double what spot Ethereum ETFs have managed. Take that, Ethereum! 🥳
Ripple Labs has been busy too, inking deals faster than a caffeinated octopus. They’ve partnered with Unicambio, a Portuguese currency exchange provider, to use their network for currency transactions. Because who doesn’t love a good cross-border money shuffle? 🌍
Planting the Ripple flag in Portugal today with Unicâmbio, our first Portuguese client and the country’s leading currency exchange provider! Using Ripple Payments, their corporate customers can now move funds near instantly between 🇵🇹 & 🇧🇷.
— Ripple (@Ripple) February 10, 2025
Ripple also snagged a money transmitter license in New York and Texas, which is like getting a golden ticket to the chocolate factory. 🏭
And let’s not forget Ripple USD, which has been quietly gaining market share, with its daily volume hitting over $200 million. That’s more than most other stablecoins can boast. 🏆
But hold onto your hats, folks!
The Wyckoff Theory, which is older than your great-grandma’s fruitcake, suggests that XRP might be in for a deep dive. This theory identifies four phases: accumulation, markup, distribution, and markdown. 🎢
XRP was in the accumulation phase from 2022 to November 2024, where it just kind of hung around between $0.3260 and $0.9326, like a wallflower at a dance. Then it surged into the markup phase in November, causing a Fear of Missing Out frenzy among investors. 🕺
Now, it’s in the distribution phase, which is as volatile as a toddler on a sugar high. If the theory holds, it’ll soon enter the markdown phase, potentially dropping to $0.9325. That’s 61% below the current level, which is about as pleasant as stepping on a Lego. 🧱
Of course, this bearish view could be invalidated if the Ripple price rises above the year-to-date high of $3.40. So, keep your fingers crossed and your wallets close. 🤞
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2025-02-12 16:07