XRP’s Wild Ride: Can It Bounce Back from the Brink? 🎢💸

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Key Insights:

  • XRP dropped 19% from recent highs and triggered $113 million in long liquidations. Ouch. 💸
  • Analysts are calling this a “healthy correction.” Sure, if you’re into financial detoxes. 🚿
  • $3 is now an important support level. Hold it together, XRP. We’re rooting for you. 🙏

 

XRP recently rallied to a multi-year high of $3.66. Feeling on top of the world, right? Wrong. Soon after, it plummeted by nearly 19% to $2.95. Classic overachiever burnout. 📉🔥 Despite the plunge, analysts are still calm and optimistic. Because apparently, they’re wired differently. 🤷‍♀️

Many are calling this a “healthy reset.” Healthy for whom? The market? My ulcer? And while XRP seems to be eyeing the $3 price level, a recovery might be closer than we think. Or so they say. 🤔

XRP Price Falls from Eight-Year Highs

XRP’s price had been on a tear, climbing to $3.66. But then Thursday hit, and the token dropped 12.5% in a single day. That’s a 19% drop from its peak. Brutal. This move wiped out $113 million in leveraged positions, mostly long trades. In total, the crypto market saw $968 million in liquidations over 24 hours. Ether (ETH) led the pack because, of course it did. 🐳

While headlines screamed about the drop, seasoned traders shrugged it off as part of the cycle. Analyst CryptoData even chimed in, saying the volatility might mean the worst is over. Famous last words? 🤞

Today we saw a massive flush across the board with most leverage longs/OI getting wiped. Although we didn’t reach the $1B of liquidations that historically marks a local bottom within 1-3 days, but the volatility over the last few days may make up for that.

Liquidation Heatmap…

— CryptoData (@TheCryptoData)

A Technical Reset After an Overheated Run

The technical indicators suggest XRP’s fall was overdue. The RSI surged to 88 last week, which is like the crypto equivalent of overheating your toaster. 🔥🍞 As of Thursday, the RSI cooled to 61 on the weekly chart and 56 on the daily. Still bullish, but not obnoxiously so. Like that friend who’s chill until they’ve had three espressos. ☕

The $3 support level, aligning with the 100-period SMA, is now the star of the show. If it breaks, XRP might revisit the 200-period SMA around $2.60. Analysts are watching closely, probably with popcorn in hand. 🍿

XRP Market Sentiment Remains Bullish Despite Pullback

Despite the chaos, many analysts remain optimistic. Egrag Crypto called the correction an “emotional shakeout.” Translation: Don’t panic, unless you’re new here. 😅

– Volume Analysis:

The recent formation broke with significant selling volume, but buyers quickly stepped in with aggressive purchases. However, sellers came back for another round of selling.

I truly believe this dip might scare many newcomers, leading them to sell…

— EGRAG CRYPTO (@egragcrypto)

Others, like Dom, are targeting $7–$10 depending on market trends. Conservative projections still show strong upside. So basically, everyone’s guessing but pretending they’re not. 🎲

There are two zones to watch: $3.00 support and $2.60 fallback. If bulls defend $3 and buying volume returns, a bounce back to $3.66 could happen. If not, well, $2.60 might be the new happy hour. 🍹 Overall, resistance remains at $3.40 and $3.66. Break above $3.66, and we’re talking $4 or possibly $4.86. Dreams do come true. ✨

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2025-07-24 22:36