- Warning signal emerges as XRP and HBAR face intense volatility.
- Major whale moves spark caution for XRP and HBAR holders.
- Extreme greed index signals possible correction in crypto market soon.
According to a video update shared on X by STEPH IS CRYPTO (@Steph_iscrypto), a warning signal has appeared on the charts for XRP and Hedera Hashgraph (HBAR) as the broader crypto market faces heavy selling pressure. The warning is due to economic data that is raising fears of an imminent short-term peak in the market.
The update referred to the fact that the US Producer Price Index increased to 3.3 percent, exceeding expectations and triggering a surge of liquidations. Long positions in the market with a value of about $460 million were liquidated within an hour, indicating the volatility of digital assets.
The analysis revealed that XRP met its initial Fibonacci target at $3.60, and the next target is at $4.65. HBAR has recently reached the 1.618 Fibonacci at roughly $0.30 and could go as high as $0.40. However, keeping XRP at levels above $3.00 will be important in avoiding further decline.
Also Read: XRP Under Pressure – Here’s Why the Price is Down Today
Whale Activity and Market Sentiment Raise Caution
Significant on-chain moves have added to the caution. One of the largest XRP holders is said to have closed a long position worth almost $15 million, whilst Ethereum experienced a massive short position worth about $6 million.
In the case of HBAR, its funding rates reached the highest level in three weeks after Grayscale announced it had filed an HBAR ETF, which meant an increase in long positions. The asset search volume also reached a 90-day peak, which has previously been a sign in the past cycles of price pullbacks.
STEPH IS CRYPTO pointed out that 95 percent of the XRP circulating supply is already profitable, which in the past raised the chances of profit-taking. The market sentiment is extreme greed, with the altcoin season index at 51, meaning that there is still a possibility of further gains and the risk of a correction.
The RSI of XRP on the monthly chart is approaching a long-term trend line that has been associated with market tops in the past. In case the pattern is correct, the analyst cautions that a correction could be on the cards even when prices rise to $4.65 or $5.69 over several weeks or months.
The update urged XRP and HBAR holders to exercise caution, especially when trading with leverage, and to monitor key support levels closely as volatility remains elevated.
Also Read: US Hits Russian Crypto Giant Garantex With Sanctions, $6M Bounty Announced
