XRP Update: Weekend Volatility Ahead
And just like that, we’re back again with another update on XRP. Let’s take a look at what’s happening and of course what we could be expecting as we are going further into the weekend. Um, so yeah, you know, if you’re looking across the board, some coins are rebounding a little bit, but again guys, nothing to be getting overly excited about. Something I’ve been discussing on the channel pretty much day in day out for you guys at this point since, you know, this major pullback has happened. Looking at the price of XRP though, $2.38. Um, you know, we’re up about 2% in Bitcoin comparative valuation 142.5 billion in the 24h hour trading volume sitting at about $10.3 billion.
Financial Disclaimer for Crypto Investors
As always, just a quick disclaimer, anything on this channel is not financial advice. Always do your own due diligence and research when you are investing in crypto. So, Bitcoin has closed above $100,000 for 156 days in a row. So, Bitcoin still did not break below $100,000, which is a good sign. But if we drop below $100,000, that is where, you know, we could be uh, you know, in a little bit of a danger zone in my opinion.
Crypto Crash Insights and Retail Shakeout
Um, again, a lot of people have their own, you know, personal opinion as to you know, what’s going on with this uh, you know, major crash that we did see, one of the biggest crash, if not the biggest liquidation, uh, you know, in the crypto space. Um a lot of people are you know frustrated as to you know what’s going on. Uh but in my thoughts as I said it’s clear clear manipulation. I think it was to shake out a lot of the you know retail and that actually did end up happening. We have seen a huge amount of retail getting wiped out from this move. Some people calling this you know to the start of the new uh you know four-year cycle. I personally think the four-year cycle is still in play. I don’t think you know the market has even this of course has seen the market flush happen but you can see this for yourself postc crash recovery begins historically new trending periods tend to emerge 30 days after major crashes which puts us early November um to see you know market push towards the upside people have already forgotten October is still not over there’s still a lot of days left till the month of October is done a lot can still end up happening.
Market Cycle Analysis and Bitcoin Levels
I personally still think you know we have not seen the top of this market cycle. But it definitely is a very very strange uh you know cycle. Hence you know we talk about how history doesn’t necessarily need to repeat itself. But Bitcoin still holding you know above uh you know this $100,000 price point which we obviously want to be paying very very close attention to. Uh but again let me know in the comments what you guys personally think. But let’s watch this video uh of um you know Tom Lee and see what he says. So let’s come back to that right now. Do you want to see the market not end on its lows? We’re not on our lows right now.
Weekend Trading Behavior Commentary
Well, you know, it’s Friday. Uh so, and it’s a long weekend, so as you know, a lot of people um like to shut down their computers. So, I I wouldn’t be surprised if we might see the market close on its lows. But to me, I I don’t think it’s a signal. As you know, markets rarely bottom on Fridays anyway. So, maybe Monday is the flush. But then, you know, that’s the that’s the buying opportunity. So, as we could tell, Tom Lee in this video is pretty much stating that u due to obviously the long weekend, um he thinks Monday might be another flush for the market.
Bitcoin Support and Recovery Potential
And if you’ve been uh you know, listening to my updates throughout, you know, the last 48 hours, I’ve been talking about how some people are calling, oh yeah, you know, this is it. You know, we’re done. But I don’t think the pain is done. Bitcoin is nowhere near where it needs to be. And usually this wick does tend to fill in. And I personally think Bitcoin is going to try to actually fill this wick in. The next major support line for Bitcoin is at around $107,000. You know, if we get back to that range and drop below it, it’s not unrealistic to be looking out for this key range that I’m talking to you guys about. So, pretty much what I’m trying to imply here is that we could still see more downside.
Um, I don’t think, uh, you know, the downside is over. I still think we could see um you know this wick filling in and then maybe you know we start recovering from there on. But let me know in the comments what your personal thoughts are. But I do somewhat agree with u you know Tom Lee. Tom Lee thinks uh that you know Monday is going to be another flush which could still be in play very likely because of course uh it’s a long weekend. CME futures are closed. this could still end up happening to you know actually shake out um a lot of you know these weekends which again I think we’ve already seen a majority of that happening but um again we need to be paying very close attention to this and right now the price of Bitcoin is sitting just below the 23.6 six Fibonacci retracement level. Bulls and the bears are having a battle. We’ll see what happens.
Record XRP Liquidation and ETF Developments
Let me know in the comments what your personal thoughts are. But take a look at this. The final total for record XRP long liquidation comes to $610.5 million. Let that sink in. That is big numbers here. But take a look at this. Bitwise, Franklin 21 shares, Wisdom Tree, Grayscale, and Canary Fil S1 amendments for spot XRP ETFs. And I know people don’t really care about the spot ETF conversations right now because of the fact that you know this retracement is what a lot of people are focusing on. Um and you know that’s the reality but we need to be taking closer look at you know the institutional demand is not done yet and you know the retail interest uh might be uh very very low even prior to this pullback I stated to you guys before retail was nowhere near to be seen like yes obviously people that have been accumulating for a long time the retail that was already um you know looking at crypto on a day-to-day basis or the ones that were holding that’s pretty much it but new capital flowing in that was not the case but now maybe people that were sidelined could actually enter the crypto space.
XRP Dominance, Fibonacci Levels, and Accumulation Strategy
But the question is whether or not you know these people still even have money to deploy uh into the crypto space. So that’s where you know the things really get interesting. But if you’re looking at the dominance, it is starting to pick up as you can see for yourself sitting at about 60.5%. We were sitting at 60% yesterday but again uh almost uh you know a percent increase because we were sitting at about 60.78% just not too long ago. Bitcoin on the other hand as I said sitting below the 23.6 six and um right now, you know, the $107,000 something we want to be paying attention to. Dropping below here uh I think takes us back down to the low that we set for ourselves, which means Bitcoin dominance is going to go higher in my opinion and altcoins could still see a little bit more pain in the upcoming days ahead of us.
If you’re looking at XRP, XRP sitting below the 38.2 Fibonacci retracement level. Uh again, a great buying opportunity for long-term accumulators. um again from its all-time high you still uh that’s a 55% move from where we currently are and we’re sitting below the 38.2 uh fib support line which is crazy to think about. So in terms of an accumulation standpoint uh I’m sure you know the long-term XRP holders have the opportunity here for us and I do believe um you know the market will rebound. It might not happen tomorrow. It might not happen in the next day or so. it’s going to take some time for us to you know recover unless of course Donald Trump comes and makes a mega bullish statement then you know you could see this being shortlived but I still do think that you know we are going to see some choppy levels specifically for Bitcoin Bitcoin needs to find a ground for itself you it needs to stabilize itself um until then you know we want to be paying very close attention to uh you know what happens to altcoins and right now the price of XRP sitting below the 38.2 2. We’re sitting just in the 050.
Support Levels to Watch and Market Recovery Opinion
Uh and um obviously right now some some of the support line to be watching out for could be around the $2.26. Uh that is something we want to be paying very close attention to. That itself is a move of about another four or 5% from where we currently are. So like I said, next few days there still could be some pain. Um again, uh we got to take it one step at a time. Remember to stay away from leverage trading platforms. Remember to lock in profits when you see them. Make sure you guys are subscribed to the channel and also follow me on X link in the description box below and uh we’ll take it from there. We’ll take it from there. Let me know your personal thoughts. Uh again, as I stated, I personally think uh we still have not seen uh you know the four-year cycle, you know, uh ending yet. I think yes, we saw this major flush, but I still do believe there will be a recovery. I still think I still think Q4 is going to end on a bullish note. I know it’s a crazy thing to hear right now and again I’m just sharing my personal opinion but that does not mean over the next day or two um we’ll see what happens.
I still think Bitcoin might try to you know push back towards some of these lower levels uh and then I think we will start uh to recover but we don’t want to drop below $100,000. That’s something we want to pay very close attention to. Obviously the $100,000 huge huge liquidity around there but I’ll keep you guys covered. Let me know in the comments what you guys think. We’ll see you later.