$XRP has really made it hard to sit still this time. I just glanced at the chart: the price is $1.39, and in the past 24 hours it’s dropped another 2.31%. It even surged up to a high of $1.44—I thought it was about to take off—but it got knocked right back to where it started. The low touched $1.36. The trading volume is pretty lively though—$836M sitting there suggests bulls and bears are fighting hard. But honestly, with volume like this paired with a creeping downtrend, it feels like someone is quietly unloading.
Meanwhile, the news in U.S. stocks is also pretty interesting. The headlines are more frightening than the last—things like “chips, cybersecurity, and employment” taking center stage this week, and people even saying that if the S&P 500 enters a bear market, Tesla could fall below $100. Even though it’s all about stocks, crypto and U.S. stocks are basically like conjoined twins right now. Especially for a mainstream coin like XRP with a big market cap—when U.S. stocks flinch, we here have to shake off three shakes with them.
So if a bear market really plays out, can XRP really hold above $1.39 without breaking? I don’t quite believe it. But then again, history data often says that after bear markets, there are usually surprises.
During the day I looked around and found that a lot of people are debating where XRP’s support actually is. Some draw a line saying $1.35 is a solid “iron bottom,” while others think $1.30 is the real test. For me, though, I’m a bit torn right now. Its high-low range over 24 hours is almost 6%—that kind of volatility is heaven for short-term traders, but for someone like me who wants to hold for the mid-term, it’s basically a test of the heart.
I’ve been thinking: XRP’s current position feels a little awkward. If it goes up, the $1.44 high has trapped a bunch of people. If it goes down, there are buyers around $1.36 holding the line. Volume hasn’t shrunk—in fact it’s expanded—suggesting there’s a lot of disagreement, not some dead market where nobody’s playing.
If U.S. stocks this week see chip stocks crash again, or employment data comes out unexpectedly weak, then XRP will likely first go test around $1.30. And at that point, it could actually become an opportunity.
Anyway, I’m not daring to add a big position right now—I’ll just keep a base position and watch. If I really want to add, I’d wait for it to print a decent daily bullish candle. In this kind of market, protecting your principal is stronger than anything else.
What do you all think? Do you think this move in XRP is just a shakeout, or is it really gearing up to turn bearish?
Meanwhile, the news in U.S. stocks is also pretty interesting. The headlines are more frightening than the last—things like “chips, cybersecurity, and employment” taking center stage this week, and people even saying that if the S&P 500 enters a bear market, Tesla could fall below $100. Even though it’s all about stocks, crypto and U.S. stocks are basically like conjoined twins right now. Especially for a mainstream coin like XRP with a big market cap—when U.S. stocks flinch, we here have to shake off three shakes with them.
So if a bear market really plays out, can XRP really hold above $1.39 without breaking? I don’t quite believe it. But then again, history data often says that after bear markets, there are usually surprises.
During the day I looked around and found that a lot of people are debating where XRP’s support actually is. Some draw a line saying $1.35 is a solid “iron bottom,” while others think $1.30 is the real test. For me, though, I’m a bit torn right now. Its high-low range over 24 hours is almost 6%—that kind of volatility is heaven for short-term traders, but for someone like me who wants to hold for the mid-term, it’s basically a test of the heart.
I’ve been thinking: XRP’s current position feels a little awkward. If it goes up, the $1.44 high has trapped a bunch of people. If it goes down, there are buyers around $1.36 holding the line. Volume hasn’t shrunk—in fact it’s expanded—suggesting there’s a lot of disagreement, not some dead market where nobody’s playing.
If U.S. stocks this week see chip stocks crash again, or employment data comes out unexpectedly weak, then XRP will likely first go test around $1.30. And at that point, it could actually become an opportunity.
Anyway, I’m not daring to add a big position right now—I’ll just keep a base position and watch. If I really want to add, I’d wait for it to print a decent daily bullish candle. In this kind of market, protecting your principal is stronger than anything else.
What do you all think? Do you think this move in XRP is just a shakeout, or is it really gearing up to turn bearish?
