Instead of flying, XRP has stagnated for a year in the $2 area and finally collapsed to $1.79, a decrease of 16.88%. CoinMarketCap data shows increasing pressure amid worsening global sentiment.

One of the triggers comes from the Bank of Japan (BoJ). Concerns over massive interest rate hikes are strengthening the yen, which has the potential to unravel the carry trade that has been financing risk assets like crypto, including XRP.

The pressure is compounded by:

• Crypto market cap dropping to $3.05T (-0.58%)

• A historically vulnerable weekend for sell-offs

• Fear & Greed Index at 24 (extreme fear)

This means that, although the market seems "calm", many market participants are gradually exiting.

Is this an accumulation phase... or the beginning of a larger problem?

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