XRP Price Drops 7% Amid Bitcoin Decline
XRP experienced a significant decline of approximately 7% as it was impacted by a broader downturn in the cryptocurrency market. This selloff was initiated by a sell-off in Bitcoin, leading to forced liquidations among long-position traders.
XRP Price Decline Details
The price of XRP fell from $1.88 to a low of $1.74. Support levels around $1.79 failed to hold, marking a critical moment in the trading session. The volume during this drop spiked, indicating that the selling pressure was significant and driven by liquidations rather than organic market movement.
Market Dynamics
- XRP dropped roughly 6.7% overall.
- Price declined sharply below key support levels.
- More than $70 million in XRP futures were liquidated.
This late-session stabilization occurred within a narrow band of $1.74 to $1.76 as buying interest returned tentatively after reaching session lows.
Technical Analysis of XRP
Moreover, XRP’s decisive break below $1.79 triggered a wave of liquidations, with the exceptional volume suggesting heightened institutional engagement. Despite a modest recovery attempt, XRP struggled to regain traction, with resistance now set between $1.79 and $1.82.
What Lies Ahead for XRP?
- Current support is viewed at $1.74–$1.75.
- For bullish sentiment, a reclaim of $1.79 and $1.82 is essential.
- If $1.74 fails, additional downside could push prices towards $1.72 and $1.70.
The trading landscape for XRP remains heavily influenced by market liquidations and is closely tied to Bitcoin’s performance. Technical indicators currently reign supreme over market news as traders navigate this volatile environment.
