Is XRP’s Plunge the Dramatic Fall of a Once-Great Hero? Find Out! 😱

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Ah, dear XRP, once a gallant knight in the realm of cryptocurrencies, has succumbed to the treacherous clutches of a downtrend since its glorious peak of $3.40 on the fateful day of January 16. Now, it languishes at a mere $2.18, a staggering 35% drop that would make even the most stoic of investors weep.

Such a double-digit descent has not only bruised the ego of our dear XRP but has also led to a rather unfortunate decrease in the number of tokens held in profit. On-chain data, that ever-watchful oracle, reveals a rising tide of bearish sentiment, suggesting that our beloved altcoin may be in for a prolonged period of melancholy.

XRP Sees Drop in New Demand, Signaling Market Interest Slowdown

As the price of XRP tumbles, so too does its total supply in profit, which has shrunk by a staggering 6.39 billion over the past week, plummeting to a year-to-date low. Oh, the tragedy!

At this very moment, a mere 87.95 billion tokens out of a grand total of 99.98 billion are held at a profit. This unfortunate state of affairs indicates that some investors are now clutching their XRP at a loss, a reflection of the increased selling pressure and a market sentiment that has all but evaporated.

Moreover, the oracle of on-chain data reveals a disheartening slump in new demand, with daily fresh purchases of XRP witnessing a notable decline this month. According to Santiment, only 4,516 new wallet addresses were created on Sunday to trade XRP.

This, my dear friends, represents the lowest daily count of new XRP demand since the dawn of the year. How the mighty have fallen!

When an asset experiences a decline in new demand, it is akin to a once-popular play that has lost its audience. As we observe with XRP, this has led to a reduction in trading activity and a weakening of price support in its spot market. It signals a waning interest in our dear altcoin, and if the selling pressure persists, further price declines may be on the horizon.

XRP Faces Selling Pressure: Will Bulls Break the Downtrend?

On the daily chart, XRP has been trapped beneath a descending trend line since its all-time high, a reflection of its sorrowful descent.

This bearish pattern, dear reader, is formed when an asset’s price consistently creates lower highs over time, suggesting that the sellers are firmly in control. Unless the price manages to break above this trend line, further declines are all but certain.

As of this moment, XRP trades at $2.17, significantly below this ominous descending trendline. With a growing bearish bias, the token’s price may very well plummet further, potentially dropping below $2 to a dismal $1.47.

However, should the winds of fortune shift and buying pressure gain momentum, XRP could rise above its descending trendline and ascend to a more respectable $2.93. Ah, the sweet taste of redemption!

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2025-03-10 11:52