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XRP Plummets 9% Amid Market Uncertainty and Bearish Sentiment

Coin WorldSaturday, Mar 8, 2025 6:50 am ET
1min read

XRP, a prominent cryptocurrency, has experienced a significant decline in market activity, with its price dropping by 9% over the past 24 hours. This downturn mirrors the broader market trend, which has shown a muted response to recent developments such as the creation of the Strategic Bitcoin Reserve by Donald Trump and the conclusion of the White House Crypto Summit. The overall market sentiment has shifted, with XRP's bullish bias weakening and volatility increasing, suggesting potential further price declines in the near term.

As XRP's price has dipped, its open interest among futures traders has also decreased, currently standing at $3.39 billion, reflecting a 3% drop over the same period. Open interest measures the total number of outstanding derivative contracts that have not been settled. When an asset's open interest falls alongside its price, it indicates a decline in market participation. This trend suggests that XRP traders are closing positions without opening new ones, signaling weakening market momentum and uncertainty in price direction.

Additionally, XRP's funding rate has been consistently negative over the past two days, currently at -0.0040%. The funding rate is a periodic fee exchanged between long and short traders in perpetual futures contracts to keep the contract price aligned with the spot price. A negative funding rate indicates that short traders are paying long traders, suggesting a higher demand for short positions and reinforcing bearish sentiment in the market.

On the daily chart, XRP's negative Balance of Power (BoP) reflects the altcoin's low demand, currently at -0.38. The BoP measures the strength of buying versus selling pressure by analyzing price movements over a given period. A negative BoP value indicates that sellers are in control. If XRP demand weakens further, its price could break below the support floor of $2.13, potentially triggering a drop toward $1.47. Conversely, if the market trend shifts bullish and XRP traders begin to accumulate more, its price could rally past the resistance at $2.93 in an attempt to reclaim its all-time high of $3.40, which was last reached on January 16.

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Debbie
03/08

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WatchDog2001
03/08
@Debbie Ok bro
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Lucas
03/08

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Nichix8
03/08
@Lucas Makes sense
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Nobuevrday
03/08
XRP's open interest is down, and so is its price. Traders are closing positions, signaling uncertainty. Time to hedge?
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greyenlightenment
03/08
@Nobuevrday Are you thinking of going short?
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Corpulos
03/08
$XRP needs bullish spark; sentiment's too bearish
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meowmeowmrcow
03/08
Bearish vibes are strong with XRP. Short traders seem to be in control. Funding rate's negative, folks. 📉
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AdvantageNo3180
03/08
XRP's dip feels like a bear trap, hodl tight
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Electrical_Green_258
03/08
@AdvantageNo3180 How long you planning to hodl XRP? Thinking it could take a few months to flip?
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Such-Ice1325
03/08
@AdvantageNo3180 I'm still holding my XRP bag too. Not selling anytime soon. Market's just being shaky, you know?
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discobr0
03/08
Funding rate's red, brace for impact, fellow traders
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ABCXYZ12345679
03/08
@discobr0 Are you thinking it's a short squeeze?
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portrayaloflife
03/08
Market's jitters got me in caution mode. 🤔
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THEPR0P0TAT0
03/08
@portrayaloflife 😂
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MasterDeath
03/08
If XRP can't break past $2.93, we might see it hit $1.47. Bears are lurking. Keep your stop-loss tight.
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nicpro85
03/08
XRP's price dip got me 🤔. Might HODL for now, but if it hits $1.47, I might YOLO back in.
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EightBitMemory
03/08
@nicpro85 How long you planning to HODL? Curious if you got a target in mind before YOLOing back in.
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