Is XRP’s Recent Rally a Bull Trap? Reddit Users Raise Concerns
- XRP hit about $0.99 on August 17, then surged roughly 50% to around $1.50 by August 23.
- A lot of Reddit users called the rally a bull trap, citing unchanged macro conditions.
- Spot XRP ETFs saw roughly $39.78 million in inflows last week, $1.55 billion overall.
XRP has made a surprisingly fast comeback after slipping under $1 earlier in August. It hit about $0.99 on August 17, then surged roughly 50% to around $1.50 by August 23, pushing its market value up by more than $30 billion in less than a week. As of August 24, XRP’s price is hovering at approximately $1.48.
When something jumps that fast, it’s only natural to wonder: is this the start of a new bull run for XRP, or just a brief recovery before more downside?
A number of Reddit users in the XRP community are definitely leaning toward the second view.
Why Some Reddit Users Think This is a Bull Trap
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