Time to Be Vigilant, But Not Bearish
Dec 3, 2024
• 8
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AVAX
2.06%
BNB
0.53%
BONK
-0.64%
BTC
0.30%
CORE
N/A%
ETH
1.32%
HNT
-0.56%
JTO
1.28%
MKR
0.19%
RAY
-3.93%
SOL
-0.92%
STX
N/A%
XRP
-0.71%
BITW
+4.79%
BTBT
+8.91%
CLSK
+5.27%
COIN
+1.8%
CORZ
+4.5%
HIVE
+4.81%
HOOD
+3.66%
HUT
+11.04%
IREN
+8.1%
MARA
+3.87%
MSTR
+4.51%
RIOT
+4.82%
SMLR
+4.38%
WULF
+5.17%
Indications of Froth
Given the violent nature of the past month’s rally, we have been vigilant for signs of a local top. It would be disingenuous to claim that some qualitative "top signals" are not flashing right now. XRP—which we noted as a possible election trade back in October—with only 1–2k daily active addresses (vs ETH's over 400k, source: Artemis), is ripping toward new highs while influencers take to TikTok to discuss their lofty price targets.
This is not to hate on XRP bulls – we will always respect the pump. We even wrote back ...