Time to Be Vigilant, But Not Bearish
Dec 3, 2024
• 8
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AVAX
2.54%
BNB
3.72%
BONK
-0.27%
BTC
-0.38%
CORE
N/A%
ETH
2.86%
HNT
2.89%
JTO
-1.60%
MKR
5.47%
RAY
-6.65%
SOL
1.56%
STX
N/A%
XRP
-0.03%
BITW
-3.3%
BTBT
+1.36%
CLSK
-6.25%
COIN
-0.12%
CORZ
+0.56%
HIVE
-1.43%
HOOD
+2.76%
HUT
-2.85%
IREN
-0.32%
MARA
-3.32%
MSTR
-1.71%
RIOT
-4.23%
SMLR
-3.76%
WULF
+1.63%
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 ...