Time to Be Vigilant, But Not Bearish

Dec 3, 2024 • 8 Min Read

Author

AVAX 2.07% BNB 2.02% BONK 2.22% BTC 2.11% CORE N/A% ETH 2.60% HNT -2.75% JTO 12.45% MKR -1.30% RAY 4.20% SOL 3.40% STX N/A% XRP 3.76% BITW -6.16% BTBT -11.89% CLSK -8.28% COIN -7.25% CORZ -8.13% HIVE -15.33% HOOD -7.11% HUT -12.29% IREN -13.26% MARA -12.25% MSTR -7.49% RIOT -11.1% SMLR WULF -8.86%

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 ...

Unlock this article with a FREE 30-Day Trial!

An Fundstrat Pro, or Fundstrat Crypto subscription is required in order to access this content.

Already a member?

Time to Be Vigilant, But Not Bearish

Indications of Froth

Unlock this article with a FREE 30-Day Trial!

Share this chart