XRP and crypto enthusiasts at large found themselves embroiled in speculation after tech magnate Elon Musk took to Twitter to share an enigmatic message that read, “In X S.”
The XRP community, known for their dedication to Ripple’s digital asset, quickly linked the solitary “X” to their beloved XRP logo, while the Shiba Inu aficionados saw an association with the “S,” pertaining to SHIB, their own cryptocurrency.
The post prompted a frenzy of interpretations and queries from curious onlookers, but the true meaning behind Musk’s cryptic message remains elusive.
X Marks The Spot For XRP Enthusiasts
This cryptic tweet was met with a flurry of reactions, with various crypto enthusiasts offering their own interpretations of the enigmatic message.
In 𝕏 S
— Elon Musk (@elonmusk) October 18, 2023
Vet Kusama, a member of the SHIB team, proposed that “In X S” might refer to “In X Shi,” drawing attention to a stablecoin in development by the Shiba Inu team, designed for integration within the broader SHIB ecosystem. While some ventured to guess that “In X S” meant “In excess,” the context of Musk’s message remained elusive, leaving much room for speculation.
In 𝕏 Shi ❤️
— Vet KUSAMA ™ (@vetkusama) October 18, 2023
For the XRP community, Musk’s recent tweet is just another instance in a series of tantalizing hints from the tech mogul. They’ve been actively deciphering his messages and drawing parallels between the “X” in the tweet and the XRP logo, showcasing their unwavering commitment to the digital asset.
Recent Gains And Ominous Signals
However, beyond the speculations sparked by Musk’s tweet, a recent technical analysis report has cast a shadow over the crypto’s short-term prospects. Earlier in the week, XRP experienced a setback after failing to sustain its gains above the $0.5 mark, potentially signaling more losses on the horizon.
Crypto market cap currently at $1.05 trillion. Chart: TradingView.com
The initial move beyond the recent lower high at $0.489 had briefly shifted XRP’s market structure into a bullish pattern. The Relative Strength Index (RSI) also climbed above the neutral 50 threshold, indicating growing optimism among traders.
Despite these positive indicators, the On-Balance Volume (OBV) showed a persistent downtrend throughout October, reflecting a lack of buying pressure that caused the coin’s prices to slip back to the $0.489 mark.
XRP price action in the last seven days. Source: Coingecko
At the time of writing, XRP was trading at approximately $0.482982 on CoinGecko, with a 24-hour decline of 1.8% and a seven-day dip of 0.6%. According to the technical analysis report, XRP bulls face a critical juncture, with the next higher low to defend standing at $0.4835.
Should the crypto dip below this level, it could shift the market structure back into bearish territory, potentially leading to a further decline to $0.46 or lower.
As the crypto community eagerly awaits more clarity from Musk regarding the meaning of his latest tweet, XRP investors remain watchful of the market’s potential shift and its implications for the digital asset’s future performance.
Featured image from Business Today
