XRP’s Comedic Plunge: Can It Get Any Worse?

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XRP has taken to a leisurely, albeit melancholic, stroll downhill for the past month, dragging along with it the number of addresses in profit like an overburdened shopping trolley chasing a rogue cat, now languishing at its lowest point this year as of March 31.

This little escapade into the financial abyss comes as selling pressure increases, much like the number of people seeking comfort food after a particularly bad day. Bearish sentiment? Oh, it’s having a field day!

XRP Holders Feeling the Squeeze

As the value of XRP continues to plummet faster than a three-legged dog in a race against the wind, the total number of wallet addresses clutching their tokens in profit has nosedived to a year-to-date low of 5.24 million on March 31. If this isn’t a recipe for a good moan over tea, I don’t know what is!

For the uninitiated, the number of profitable addresses climbed higher than a squirrel on a caffeine high to an all-time high of 6.04 million on March 2, only to now approach the financial equivalent of a sad trombone sound.

This decline might tempt more holders to leap off the proverbial cliff, selling their precious tokens to escape losses like they’re fleeing an encroaching swarm of bees. And should this trend persist? Buckle up, dear reader; XRP could be heading for a price nosedive!

Adding to the cavalcade of doom, the token’s steadfast negative funding rate—hovering at a delightful -0.007%—casts a shadow over any flicker of hope for recovery. It seems the traders have collectively decided that short positions are all the rage, much like wearing socks with sandals!

The funding rate, dear economics aficionado, is merely the periodic fee that goes back and forth like a poorly planned dance at a wedding, attempting to keep prices in line with the spot market. A negative funding rate means that the short sellers are currently in the driver’s seat, signaling that the market is about as buoyant as a lead balloon.

All signs suggest a crisis of confidence in a near-term XRP recovery, leaving it dangling precariously over the precipice of further misfortune.

XRP’s High Wire Act Above a Critical Support Level

As of press time, XRP is trading at $2.11, just barely managing to stay above the critical support level, which has been dubbed “The Floor of Despair” at $2.03. Should selling pressure escalate and XRP decide to burst through this support level, we might be treated to a downward spiral, sending it falling toward $1.77 like a meteorite at an inconvenient moment!

On the other hand, should the stars align and new demand miraculously emerge, we might see XRP rally toward a hopeful $2.27. Because who doesn’t love a good comeback story against the odds?

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2025-04-03 10:57