XRP Plunges: Whales, Shorts, and a Circus of Chaos! 🎢💰

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Ah, XRP, the coin that dances on the edge of a precipice, teetering between glory and the abyss! 🌪️ Behold, as it slithers toward the $1.90 chasm, while shorts multiply like demons in a Moscow winter. Funding rates? Negative, my dear reader, as negative as a critic’s review of a third-rate theater production. 🤑

XRP, that fickle minx, has slipped 1.3% to a modest $2.13. A one-week tumble, a 3.5% descent-and let us not forget, a 40% plunge from its July high of $3.65. Oh, the drama! The spot volume? Down 27%, to a mere $3.41 billion per day. Traders, those skittish creatures, are retreating like a cat from a cucumber. 🐱🥒

Shorts Pile Up Like Snow in Kolyma

Source: CryptoQuant 

Funding rates, my friends, have been as negative as a bureaucrat’s soul. Shorts outnumber longs like crows at a battlefield, as CryptoQuant’s PelinayPA so eloquently observes. The market, it seems, is opening its maw for a feast of downside. Longs? They cower like a mouse in a cat’s den. 🐭

This arrangement, this macabre dance, suggests XRP may revisit the $2.0 to $1.90 range. Should funding dip below -0.01, $1.90 awaits like a grim reaper. Yet, a further decline in funding rates might send shorts scrambling, causing a fleeting ascent to $2.25-$2.35. Oh, the irony! 🤡

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Whales Splash About Like Drunken Walruses

The Coin Bureau, ever the harbinger of chaos, notes a spike in XRP velocity-a sign of whales frolicking in the deep end. CryptoQuant’s data reveals vertical activity, as if the whales are playing a game of financial Marco Polo. 🦀

Source: Coin Bureau 

CryptoOnChain reports the velocity peaked at 0.0324 on December 2-a 2024 high! Tokens are zipping through the network like gossip in a Petrograd salon. Whales and traders are swapping coins faster than a magician’s tricks. Distribution? Repositioning? Only the shadows know. 🧙♂️

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Technical Setup: A Bearish Ballet

XRP remains trapped beneath the 50-day, 100-day, and 200-day moving averages-a prisoner of its own making. The 20-day average hovers nearby, but bullishness? It eludes like a ghost in the fog. 🌫️

Bollinger Bands tighten, volatility wanes, and the price floats like a leaf in autumn. A break below the lower band? $1.96 awaits. The MACD teases a bullish crossover, but its heart is not in it. The RSI, neutral at 48, shrugs with indifference. 🤷♂️

Support levels: $2.00 and $1.90. Resistance: $2.25 and $2.35. Break the upper Bollinger band, and perhaps, just perhaps, power will return. But fall below $2.00? Another cycle of lethargy beckons. 🌀

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2025-12-04 22:17