While capitulation doesn’t always mark the exact bottom, it frequently appears near exhaustion points in downtrends. For XRP traders, this could mean that the bear market is in its final stages.

The payments-focused cryptocurrency traded at around $1.11 at press time, down nearly 40% for the year, according to CoinDesk data. Prices peaked above $3.60 last July.

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The SPCX perpetual still trades above SpaceX’s $135 offer price, but it has fallen sharply from its May highs as traders mark down the first-day premium.

What to know:

  • A 5x-leveraged perpetual contract on Hyperliquid, trading under the ticker SPCX, has become the main venue for price discovery ahead of the SpaceX IPO and has fallen about 27% from its mid-May launch.
  • Despite the slide, SPCX still trades above SpaceX’s fixed $135 IPO price, implying an expected first-day premium…

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