Look, the crypto market is more nervous than a boyfriend meeting the in-laws and XRP is in the eye of the storm. In just one day, it fell 1.4%, in the week 10.5%, and in the last month a whopping 20.1%! It's a heavy blow. 💥
And why the drop? Well, there are several reasons, but the biggest one is that whales (huge investors) are selling billions of dollars in tokens. An analyst revealed that in just 10 days, 470 million XRP were sold! Enough to give you a heart attack. 😱
But that's not all. We also have the U.S. Federal Reserve meeting where the head, Jerome Powell, was going to speak and everyone is on high alert, waiting to see what he says because what he says can move the market up or down. It's like a domino effect, stocks go down, the dollar goes up, and cryptos crash. domino. 🤷♀️
And as if that weren't enough, the SEC (the U.S. Securities and Exchange Commission) just postponed the decision on XRP ETFs. People thought this was going to be a boom, but with the decision postponed until October, hope has decreased and pessimism has risen. 💔
Now, is there any hope? Well, yes. Experts say there are two key levels for XRP: $2.86 and $2.80. If the price stays above $2.80, there could be a rebound. But if it breaks that support, things get ugly and it could fall even further, down to $2.50.
But be careful, there is a small light. Trading volume increased by 22% and most of the people trading now are betting that the price will go up. So there are those who believe that the rebound is indeed possible.
The only thing certain is that XRP is far from its all-time high of $3.84. Now, the question we all ask ourselves is: will the rebound happen or is this just the beginning of a deeper decline? 🤨$XRP
