XRP Melts While Bitcoin Is On Rampage

XRP saw double-digit losses while Bitcoin hit a new milestone, even though it had gained 400 percent in the previous month.

According to Coinglass data, XRP fell 11%, resulting in over $40 million in liquidations over the previous day. Long positions contributed $30 million to the liquidations, while short positions contributed $8.75 million. After falling below the $2.3 level on December 5, XRP has had difficulty recovering, indicating that sellers are defending the level.

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The asset has been driving the charge for the eagerly awaited alt season and is among the top trending altcoins. Despite the sharp increase, XRP’s funding rate is still relatively stable compared to levels during its February 2024 rally and the March 2021 bull market.

A stable funding rate suggests that the market isn’t overly bullish and that there is room for more price growth, which lowers the risk of an overheating situation. Similar to earlier rallies, XRP’s weighted sentiment is likewise low. The asset’s upside uptrend suggests that retail traders may not be the main driver. Panic FUD selling during market downturns is less likely when retailers are not the primary driver of a price rally.

Price actions showed when trades are above their short- and long-term moving averages, a possible pullback will likely be observed, suggesting that the price will return to its average level. Ripple’s token technical indicators—the Stochastic Oscillator and the Relative Strength Index—indicate that it is in an overbought position, indicating a possible weakness. Third, demand is higher than supply, which could indicate that the token is in a markup situation.

Bitcoin on a Rampage

Bitcoin jumped above the long-awaited $102,000 benchmark early Thursday. Coinmarketcap data highlighted that the flagship cryptocurrency was last up more than 5% at $103,072.00. The move was made just hours after President-elect Donald Trump announced that he would call Paul Atkins the Securities and Exchange Commission’s chair.

The U.S. spot Bitcoin exchange-traded funds have seen net inflows of over $31 billion this year, and the fourth halving of Bitcoin in April has resulted in tighter supply. Increased corporate adoption of Bitcoin, spearheaded by Michael Saylor of MicroStrategy, growing speculation of a strategic Bitcoin national reserve, and Republican Donald Trump’s victory in the US presidential election have all contributed to the price increase of Bitcoin.

 

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ABOUT THE AUTHOR See More
Olumide Adesina
Olumide Adesina
Financial Market Writer
Olumide Adesina is a French-born Nigerian financial writer. He tracks, analyzes, and reports changes in financial markets with over 15 years of working experience in investment trading.
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