XRP Today's News: Yen Arbitrage Trading Bomb Resurfaces, Breaking the Defense Line and Fear of Crashing to $1.75
The Bank of Japan hinted at multiple rate hikes on December 29, causing the 10-year Japanese government bond yield to rise to 2.6%, triggering the negative correlation mechanism for XRP. XRP fell to $1.8494, breaking below the double moving averages. In August 2024, the unwinding of yen arbitrage trades caused XRP to plummet by 34.5%, triggering alarms again. $2.0 is a critical support level; losing it could test $1.75, but institutional demand is supporting a medium-term target of $2.5.
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