Why XRP is the Drama Queen of Crypto: You Won’t Believe What Happens Next! 😱

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Oh dear, XRP has taken a nosedive of 9% in the last 24 hours! It’s like watching a soap opera where the main character just got dumped. And what’s the market doing? Yawning at Donald Trump’s new Strategic Bitcoin Reserve and the oh-so-exciting White House Crypto Summit. 🙄

With XRP’s bullish vibes fading faster than my will to go to the gym, we might be in for more price plummets. Buckle up, folks!

XRP Traders Flee Like It’s a Bad Date

As XRP’s price takes a dip, its open interest among futures traders has also taken a dive—now sitting at a mere $3.39 billion, down 3%. It’s like everyone suddenly remembered they had plans. 🏃‍♂️💨

Open interest is just a fancy term for the number of contracts that are still hanging around, waiting to be settled. When both price and open interest drop, it’s like a sign that the party is over. 🎉

This trend shows that XRP traders are closing their positions faster than I can say “bear market,” leaving us with a sense of uncertainty and a lot of awkward silence.

And let’s not forget, XRP’s funding rate has been consistently negative for the past two days. It’s like a bad breakup—everyone wants to short it! Currently, it’s at -0.0040%. Ouch!

The funding rate is just a periodic fee exchanged between long and short traders. When it’s negative, short traders are paying long traders, which means everyone’s feeling a bit bearish. 🐻

XRP’s Selling Pressure: Will the Bulls Come to the Rescue? 🐂

On the daily chart, XRP’s negative Balance of Power (BoP) is like a sad song on repeat, reflecting its low demand. Right now, it’s trending down at -0.38.

BoP measures the strength of buying versus selling pressure. When it’s negative, it’s like saying, “Sellers are in charge, and they’re not sharing the remote.” 📺

If XRP’s demand continues to dwindle, we might see it break below the support floor of $2.13, leading to a dramatic drop towards $1.47. Cue the gasps! 😱

But wait! If the market decides to throw a plot twist and turns bullish, XRP traders might just start accumulating again. If that happens, we could see a rally past the resistance at $2.93, trying to reclaim its all-time high of $3.40. It’s like a comeback story we all love! 🎬

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2025-03-08 15:06