XRP has experienced a 3% rebound in the last 24 hours, climbing to $2.13 as the crypto market sees a 1% recovery today. Despite a challenging week with a 10% drop over seven days and a 6% decline over the month, XRP has maintained a remarkable 246% increase over the past year, driven by Donald Trump’s election victory and Ripple’s success in its legal case against the SEC. However, XRP’s funding rate has turned negative recently, indicating a generally bearish sentiment.
Looking at XRP’s current chart, it remains within a narrow, descending band, a trend seen since mid-January. A notable feature of the chart is that XRP’s 30-day average has been above the 200-day average for several months but is now descending towards the longer-term indicator. This suggests a potential decline, especially as its futures funding rate has also been negative for several days. Currently, it stands at -0.00296% according to Laevitas data.
This indicates that more traders are shorting XRP, expecting it to continue falling in the short to medium term. However, XRP’s OI-weighted funding rate on CoinGlass turned positive today, suggesting possible positive market sentiment. Tomorrow might be crucial as the US could impose new tariffs on imported goods, potentially influencing XRP’s price. If the tariffs are less severe than expected, XRP might recover; otherwise, it could drop to $2.00.
While XRP seems stagnant, other altcoins show potential for growth, even in a bearish market. Among them is Solaxy (SOLX), a Solana-based token that has raised over $28.7 million in its ongoing presale. Solaxy aims to be Solana’s first layer-two network, offering lower transaction fees and higher speeds, which could drive significant demand for SOLX. The token is currently priced at $0.00168, and interested investors should act quickly as the price is expected to rise.
Twitter Updates:
– #XRP funding rates remain low, suggesting a bottom is near.
– $SOLX promises to be a game-changer for Solana scalability and transaction speed.
