XRP Sees Largest Weekly Loss Since 2022, Traders Debate Reversal

The XRP token has recorded its largest weekly realized loss since November 2022, according to data from Santiment. This significant decline has sparked debate among traders about whether this may be the bottom. The recent losses have drawn comparisons to a similar event in 2022, where XRP rallied by over 100% after a significant decline.

Realized losses occur when investors sell their tokens at prices below their cost basis, and large spikes in these losses often signal market bottoms. Santiment noted that the current reading marks the highest level of capitulation since the 2022 event. The firm stated that 'a wave of heavy realized losses can mean that much of the damage has already been done.'

Despite the significant decline, trading activity remains high, with daily volumes above $1.3 billion indicating continued participation in the market. However, traders are divided on the potential for a reversal, with some predicting aggressive price gains. Market commentator CryptoBull posted targets of $13 and $70, far above the current price of $1.42.