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06/17 11:52

XRP Now Seeing 40.5B Coins in Loss, But Here’s Whe

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XRP Now Seeing 40.5B Coins in Loss, But Here’s Where It Must Hit to Mark the Bottom The supply of $XRP in loss has risen to 40.5 billion coins, but steeper declines may be necessary before the price can find a solid bottom. $XRP has bounced back above $1.20 after declining to a new yearly low of $1.05 during the recent cryptocurrency market selloff last week. However, one analyst believes the asset may not have reached its final bottom yet. Well-known market watcher Blockchain Backer recently argued that the amount of $XRP currently held at a loss has not yet reached the levels seen during previous market bottoms, suggesting that further downside remains possible. Bitcoin and Ethereum Have Already Reached Key Bottom Signals In a recent market exposition, Blockchain Backer pointed out that the crypto market recently experienced several liquidation events worth more than $1 billion each. Despite the heavy selling pressure, market conditions have remained relatively stable over the last two weeks. He noted that different assets have shown varying price behavior during this period, while $XRP has largely remained stuck near its recent lows. According to Blockchain Backer, this is not unusual. He explained that assets typically move through different accumulation patterns before a market bottom forms. He also highlighted the importance of the crypto market approaching the 300-week moving average, a level that has played a major role during previous bear market lows. Blockchain Backer suggests that the current market position is similar to conditions recorded after the FTX collapse in 2022, when the market came close to the same moving average before eventually finding support and beginning a recovery.

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