Ex-Ripple CTO shares candid truth about XRP and crypto market
Ripple CTO Emeritus David Schwartz shared a candid response on X about the XRP price with respect to the broader crypto market.
An X user had asked whether the price of XRP was making him feel depressed. Schwartz admitted that he felt “a little” down about it but clarified that his feelings were not limited to XRP alone: “The whole crypto market makes me sad sometimes. Anyone know why?”
The former Ripple CTO, one of the original architects of the XRP Ledger, frequently interacts with the crypto community on social media. Thus, his response on X seems to reflect broader market sentiment rather than XRP specifically.
Ripple CTO Emeritus Reacts to XRP Price, Shiba Inu Prints 666% Spike in Futures, Dogecoin Erases Zero — U.Today Crypto Digest
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The crypto market has seen continued sell-off since October, when nearly $20 billion in leveraged bets were liquidated.
Altcoins, including XRP, are struggling within the crypto market, and even more so since the Oct. 10 event. According to CryptoQuant, 38% of altcoins are near all-time lows, with the recent drop worse than the post-FTX period.
Shiba Inu prints mark of the beast in 666% futures flow spike
Bitcoin spiked very unexpectedly, but unfortunately it did not bring any fresh funds to alternative cryptocurrencies like Shiba Inu.
Shiba Inu is garnering attention on derivatives markets once more following an unusual surge in futures activity that caused flows to rise sharply. Recent data shows that SHIB experienced an extreme short-term increase in futures flow of about 666%, which indicates a sudden wave of speculative positioning around the asset.
The magnitude of the spike indicates that traders are quickly taking positions as volatility starts to increase, even though the number itself is more symbolic than significant.
SHIB is currently trading at about $0.0000056, indicating a slight intraday recovery following a protracted downtrend that has dominated the market for several months. The larger chart still shows a bearish structure in spite of this slight rebound.
The price is still trading below the major moving averages, such as the 50- and 200-day lines, which are still pointing lower and support the general downward trend.
DOGE removed a zero for eight hours, but will it return?
Dogecoin made a breakthrough attempt, but it was not enough to shift the trend.
After a brief spike lifted the meme asset above the psychologically significant $0.10 level, Dogecoin gave traders a brief moment of excitement. DOGE was able to remove a zero from its price structure for about eight hours, trading in five-digit territory before rapidly falling back below that level.
The broader technical picture still indicates that Dogecoin is still stuck in a wider downtrend, even though the move raised hopes for a possible recovery. As of this writing, DOGE is trading close to $0.096, just below the crucial resistance level of $0.10 that recently rejected the rally.
After a spike in buying pressure drove the price out of the $0.09 area, a short-term breakout took place. Additionally, volume increased during the move, indicating that genuine market participation, rather than thin liquidity, was the driving force behind the rally.
The comeback, though, was only temporary. Sellers reclaimed control and pushed the asset back down once the price hit the $0.10 range. This behavior emphasizes how significant the resistance cluster that has developed there is.