Is XRP Having a Meltdown? You Won’t Believe What Happened! 😱

Alas, dear reader, it appears that our dear XRP finds itself in a most unfortunate predicament today, as its price has plummeted to a rather disheartening $2.16. This decline is not merely a solitary affair, for the entire cryptocurrency market has succumbed to a rather dramatic sell-off, resulting in a total market value that has slipped by 3.1%, now languishing at a staggering $3.35 trillion. Such a sudden descent can be attributed to the recent ruling of a U.S. court, which has overturned President Trump’s trade tariffs, thus casting a pall of uncertainty over the heads of investors. 🧐

The esteemed Court of International Trade has decreed that Mr. Trump, in his fervor, has overstepped the bounds of authority granted to him under the International Emergency Economic Powers Act when imposing those import tariffs. While the Trump administration has hastily filed an appeal, the decision has sent tremors through the financial markets — and, alas, cryptocurrencies have not been spared from the ensuing chaos.

What’s Happening with XRP’s Price?

At this very moment, XRP stands on the precipice of further decline, with the potential to fall by an additional 16% to a rather dismal $1.96, should it fail to maintain its position above a crucial support level at $2.31, which is, I daresay, propped up by the 200-day Simple Moving Average (SMA). This precarious situation has left traders in a state of considerable agitation, as early warning signs begin to manifest themselves in the market.

Bearish Signs in the Data

Pray, allow me to enumerate a few matters that have raised the alarm for our beleaguered XRP:

1. Funding rates for XRP have been languishing at a rather uninspiring 0% since February. This indicates that traders are neither bullish nor bearish — they are, in fact, quite undecided. And when there is no clear direction, one can expect prices to either meander aimlessly or take a nosedive.
2. Open interest, which represents the total value of active XRP futures contracts, has experienced a decline of 9.66%, plummeting from a three-month peak of $3.52 billion on May 13th to a mere $3.2 billion now. This suggests that investors are prudently withdrawing their funds and minimizing their exposure to XRP.
3. In a most alarming turn of events, XRP ETPs have witnessed their largest weekly outflow of $37.2 million, thereby breaking an astonishing 80-week streak of consistent inflows. To add insult to injury, the monthly outflows now total $28.6 million, whilst other cryptocurrencies continue to bask in the glow of positive inflows. Oh, the irony! 😂

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2025-05-30 06:24