Discworld’s finest economists (okay, a bunch of wizards with abacuses) have been scratching their heads over XRP, the fourth-largest cryptocurrency, which has just seen its 24-hour trading volume go utterly, completely, and totally… KER-BOOM! π, exceeding $4.18 billion, according to those lovely folks at CoinMarketCap.
So, what’s behind this frenzy, you ask? Well, it’s not like the crypto market is known for its stability (π), but seriously, increased market activity and a dash of volatility (because who doesn’t love a good rollercoaster? π ) might be the culprits. Investors are on edge, clutching their wallets, after that pesky February PCE inflation report revealed a 2.5% year-on-year increase. Oh, and core inflation? A whopping 2.8%! π€ (Just what you wanted to hear, right?)
The crypto market, in all its glory, is currently in the red (because, of course, it is π), with most digital assets down. XRP, not one to buck the trend (why start now, eh? π), is also down, extending its drop since the week’s start. Because, you know, consistency is key.
XRP: The Thrilling Quest for $2 π€
XRP is tantalizingly close to the $2 mark, having taken a thrilling 14% nosedive this week. This level? Crucial. It’s like the crypto equivalent of choosing the right door in a game of “Find the Non-Exploding Coin” πͺ. Will it decide the next phase of XRP’s price movement? Place your bets, folks! π²
Analysts, armed with their trusty charts and a keen eye for doom (or fortune, but let’s be real, doom is more fun π), have spotted a classic head-and-shoulders pattern on the XRP price chart. The bearish pattern predicts a delightful 55% drop for XRP, because who needs a social life when you can watch your crypto plummet? π. Support is hoped for at $1.90, and if you’re feeling optimistic, the $3 mark might just invalidate the whole shebang.
At the time of writing, XRP was down 6.54% in the last 24 hours to $2.06 and down 14% weekly, because consistency, remember? π. If today closes in the red, it’ll mark the fifth consecutive day of losses. Yay, streaks! π Today’s drop reached intraday lows of $2.06 at press time, because why not? π€·ββοΈ
Don’t shoot the messenger… unless they’re a wizard with a poor grasp of economics, then maybe π§ββοΈ.
Your favorite Beanie Baby/Pet Rock crypto displays a classic complex H&S top. This could become bullish if 3.0 is exceeded, otherwise, the implications are a decline to 1.07. If you have an issue with this, take it up with Magee and Edwards π¨ $XRPβ Peter Brandt (@PeterLBrandt) March 28, 2025
Veteran trader Peter Brandt, in a tweet that’s either prophetic or just plain provocative (or both, because crypto π€ͺ), reiterated his bearish outlook for XRP, pointing out that classic complex head-and-shoulders top pattern. Because, why sugarcoat it? “This could become bullish if 3.0 is exceeded; otherwise, the implication is a decline to 1.07,” Brandt stated, likely while sipping tea and watching the chaos unfold π.
To break this cycle of doom (or at least, to try), a return above the daily SMA 50 at $2.41 might just do the trick, initiating some bullish action and freeing XRP from its current range trading purgatory. Failing that, support is hoped for at $1.779 or the daily SMA 200, because a crypto can dream, right? π΄
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2025-03-29 16:19