In a move that surprised absolutely no one who’s ever glanced at a cryptocurrency chart, XRP has decided to take a nosedive, plummeting over 11% in the last day. It’s now trading below $1.70, which, in the world of crypto, is the equivalent of a penguin trying to fly—utterly hopeless. The term “adding a zero” is being thrown around, which is crypto-speak for “things are about to get a lot worse.”
The entire cryptocurrency market is currently in the midst of what can only be described as a “Black Monday,” though it’s more like a “Black Every Day” for crypto enthusiasts. $1.33 billion in asset liquidations have occurred in the past day, thanks to rising trade tensions between the U.S. and China. Investors are fleeing riskier assets like cryptocurrency, which is a bit like jumping out of a frying pan and into a volcano.
Adding to the chaos, XRP’s decline coincides with a shift in public opinion toward altcoins that can only be described as “resoundingly negative.” The prior descending wedge formation has completely collapsed, turning what was once a potential recovery springboard into a bearish trap. If bulls don’t quickly retake the key support level at $1.95, the next probable target is $1.50. Below that, psychological support at $1.00 might be tested, which is the financial equivalent of hitting rock bottom and then starting to dig.
The general change in sentiment across Bitcoin markets, where open interest has increased while price declines, adds even more pressure. This is a sign that traders may be aggressively shorting, which is like betting on a horse that’s already broken three legs. Funding rates and volume deltas also reflect a shift toward pessimism and defensive positioning, which is just a fancy way of saying “everyone is panicking.”
Despite its history of surviving harsh market cycles, XRP is currently in a very precarious position. A confluence of investor anxiety, technical failures, and macroeconomic headwinds has left it teetering on the edge. It’s not impossible that XRP could return to sub-$1 levels if momentum keeps up, adding a zero in the most literal sense. Investors should keep a close eye on the $1.00 and $1.50 levels, which might serve as a last resort—or a final nail in the coffin. 🪦
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2025-04-07 13:05