Time to Be Vigilant, But Not Bearish
Dec 3, 2024
• 8
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AVAX
-4.80%
BNB
3.72%
BONK
-6.44%
BTC
-1.29%
CORE
N/A%
ETH
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HNT
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MKR
5.47%
RAY
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SOL
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STX
N/A%
XRP
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BITW
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BTBT
+6.39%
CLSK
+0.27%
COIN
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HOOD
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IREN
+4.46%
MARA
+0.05%
MSTR
-7.51%
RIOT
-0.53%
SMLR
-9.55%
WULF
+1.14%
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 ...