Ripple Apocalypse: XRP Sinks Like Titanic Ship
President Donald Trump announced reciprocal tariffs on all foreign trading partners, which caused the altcoin to lose over 14% in just seven days.
Ripple’s confirmation that it would incorporate the RLUSD stablecoin into its payments solution, Ripple Payments, was overshadowed by the crypto bloom bath.
XRP experienced a 4% drop and $18 million in futures liquidation yesterday. The long and short positions that liquidated totaled $11 million and $7 million, respectively.
Trump’s announcement of reciprocal tariffs has accelerated cryptocurrency market losses, making the $2 support level crucial to monitor for the remittance-based token. If this level and the 200-day SMA are breached, the token may sink to the $1.5 support line.
While XRP navigates a crucial support zone, its on-chain price metrics present conflicting signals. Although the MVRV ratio has dipped below its 200-day moving average- a sign of bearishness- whale accumulation suggests that some investors are betting on a longer-term rise.
Currently, the market value of XRP is less than its realized value, which could be viewed as a bearish indicator. This trend often leads to periods of consolidation or price corrections. However, it’s important to remember that the market remains highly dynamic, and various factors will influence the price movement..
Even the most sanguine bullish expectations could be undermined by a retreat to a high-volatility zone triggered by a break below the current support levels. The market is already aware of this scenario, so it is unclear if bullish investors’ tenacity will be sufficient to prevent it.
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