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Ripple’s $1.25 Billion Hidden Road Deal: Can It Halt XRP’s 20% Crash?
The cryptocurrency market is known for its unpredictability, and recent events have further exemplified this trait. The acquisition of Hidden Road by Ripple Labs has generated significant buzz, with many investors questioning the deal’s potential impact on XRP prices.
Despite the massive $1.25 billion acquisition, Ripple’s token has dropped a staggering 9.5% in the past 24 hours. Furthermore, traders are increasingly skeptical about its prospects, with 21% of trading volume falling over this period. This bears out a concerning trend: investors appear to be more focused on bearish bets than bullish ones.
The Hidden Road acquisition is seen by many as a game-changer for Ripple and XRP alike. By integrating financial services across various asset classes, including digital assets, derivatives, and swaps, the deal could revolutionize the way financial institutions operate. The incorporation of Ripple USD [RLUSD] into this system has far-reaching implications.
One critical question that remains unanswered is whether this massive acquisition will be enough to revive XRP’s plummeting price. Market sentiment seems unfazed by the news, with traders continuing to bet against the asset. If we look at the current price action, we see a strong bearish sentiment. This raises concerns about any potential short-term rally.
It appears that investors are overlooking the deal’s significant implications for Ripple and its operations. In fact, we observe a massive $55 million in long positions being placed between $1.732 (support) and $1.864 (resistance). Meanwhile, shorts have increased to an astonishing $54.85 million at these levels.
While many may see this as an opportunity to enter the market with bearish bets, others might be more optimistic about Ripple’s future prospects. The Hidden Road acquisition has been touted as a major development for the company, and it is crucial to consider its potential influence on XRP prices.
In conclusion, while the Ripple-Hidden Road deal is certainly noteworthy, we cannot rule out the possibility of further price drops. It appears that investors are not yet convinced by the news, and this may lead to further losses in the short term.
Market activity continues to indicate a strong bearish sentiment, with traders heavily favoring shorts over longs. Until we see a substantial shift in market psychology, it’s difficult to envision any significant changes for XRP prices.
Source: https://ambcrypto.com/ripples-1-25b-hidden-road-deal-will-it-revive-xrp-prices
