XRP Posts Highest Losses Since FTX Crash

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. XRP loses it all Nothing to rely on Advertisement With one of its worst performance periods since FTX's demise in late 2022, XRP is currently under a lot of strain . The asset has been continuously declining, failing to support any significant attempts at recovery, and it is still clearly in a downward trend over all significant time frames. The price of XRP is significantly below important moving averages, and the chart continues to show lower highs and lower lows. XRP loses it all The bearish structure is supported by both short-term and long-term trend indicators that are pointing downward. Even the most recent attempts at recovery have been feeble and fleeting, as they were swiftly sold into resistance areas created by moving averages and declining trendlines. XRP/USDT Chart by TradingView The underlying on-chain data is what makes the current state of affairs more alarming. Santiment claims that the MVRV ratio has dropped to its lowest level since the FTX crash in November 2022, indicating that XRP traders are currently experiencing an average loss of roughly 41%. Such extremely negative MVRV levels have historically been linked to late-stage downtrends or capitulation phases, which show that a significant percentage of holders are underwater. HOT Stories XRP Gains $120 Million ETF Flows After 656% Weekly Surge, Binance Users Add 181 Billion Shiba Inu (SHIB) to Portfolios in a Month, Peter Schiff Explains Why Bitcoin at $10,000 Still Long-Term Win: Morning Crypto Report Grayscale Recognizes XRP Ledger as Pioneer In Post-Quantum Cryptography Investors are put in a difficult situation as a result. On the one hand, when selling pressure from weaker hands runs out, a sharply negative MVRV may indicate that the asset is getting close to a possible bottom zone. However, it also conveys a very low level of confidence and sentiment, which can prolong price suppression. Advertisement Nothing to rely on Neither volume nor volatility lend credence to a recovery story. In comparison to prior cycles, trading activity is still comparatively low, indicating that new capital is not significantly entering the market. Even oversold conditions may last longer than anticipated in the absence of new demand. The most important levels for investors to keep an eye on are the recent local support zones. Further declines are anticipated as the market looks for a more robust demand base if XRP is unable to hold them . In addition to technical stabilization, a reversal would necessitate a change in sentiment and capital inflows. At this point, XRP is experiencing structural weakness rather than just declining. There are currently no clear indications that a recovery is on the horizon, even though circumstances might eventually favor one. Advertisement #XRP #XRP Ledger