A naukri.com initiative
Cryptonews
7d
16
Image Credit: Cryptonews
Glassnode Analysts Say XRP’s Rally May Be Over, as Retail Interest Fades
- XRP rallied 250% year-over-year, driven by SEC lawsuit resolution and ETF filings, however correction followed amid plunging crypto markets.
- Glassnode report suggests XRP's momentum may be diminishing, cautioning against rising speculative risks and fragile sentiment.
- Analysts see no signs of a structural bullish momentum shift, indicating a continuation of the decline observed since January.
- XRP and Bitcoin had similar gains from the 2022 lows, but XRP's trajectory was driven more by retail-driven speculation, as per Glassnode.
- Rapid capital influx in XRP has concentrated wealth among new investors, suggesting heightened volatility risks due to high entry costs.
- Investors' confidence in XRP is declining, marked by a 'top-heavy' cost basis structure indicating a riskier market environment.
- Glassnode suggests that for speculative assets like XRP, the top may have already been seen, contrasting Bitcoin's potential continued resilience.
- Reports indicate altseasons of the past may be over, with certain altcoins expected to rally based on specific criteria like being US-based and having robust use cases.
Read Full Article
1 Like
For uninterrupted reading, download the app