Ripple XRP Plunge: Is a Drop to $0.25 Imminent After $5 Million Wiped Out in 24 Hours?
Ripple\'s XRP is experiencing significant volatility, leaving investors wondering: is a further price drop to $0.25 imminent? Recent market activity shows a turbulent 24 hours for the token. While some sources point to a minor 0.3% drop , others highlight a more significant downturn.
XRP Price Action: A Rollercoaster Ride
Several reports indicate a concerning trend. , XRP\'s performance has continued to sink, with another 3.6% drop in 24 hours. One report notes that Ripple’s XRP-USD is facing a brutal sell-off, dropping over 13% in the last 24 hours and currently hovering around $2.15 (likely a typo in the source material, as the price is much lower currently). The downward momentum has accelerated, with recent events showing a stark contrast to previous performance. Another account details that Within the last 24 hours, XRP has recorded a major price drop, decreasing by 2.76% to $0.524. This decrease comprised a 5.52% decline since the start of the week.
Currently, The XRP price has dropped to $0.55 as the crypto token continues to struggle to break above the $0.60 resistance level. This recent drop is due to several factors impacting the cryptocurrency market.
$5 Million XRP Wiped Out: Long Traders Feel the Pain
Adding to the concerns, data shows significant liquidations. According to Coinglass, 5.1 million XRP tokens worth approximately $2.18 million had been wiped out from the market in the said timeframe. Long traders were hurt more, indicating a strong bearish sentiment.
What\'s Behind the XRP Downturn?
Although this plunge could be attributed to the overall crypto market drop, XRP’s retracement is more painful than most, being down by 11% on a 24-hour scale and by 15% on a 36-hour one. The Bybit hack exacerbated the sell-off, contributing to the already downward pressure.
Ripple\'s own activity also plays a role. Ripple’s Q3 report reveals key shifts in its XRP holdings and escrow reserve, alongside a rise in trading volumes, which can influence market sentiment and price volatility.
Ripple\'s XRP Market Cap Takes a Hit
The overall impact is substantial. Ripple’s XRP is fighting to stay afloat after a brutal plunge wiped out nearly $800 million. In this case, XRP’s market cap currently stands at $138.09 billion, a total drop of $24.97 billion in the last 24 hours. On a weekly timeframe, the asset has wiped out $32.96 billion.
Worst Performing Crypto?
The Ripple-affiliated XRP token is down nearly 25% over the last 24 hours, becoming the worst-performing cryptocurrency in the top 10 alongside Dogecoin (DOGE), suggesting a specific negative catalyst affecting XRP.
Can XRP Recover? Will it Hit $0.25?
Whether XRP will continue its downward trend and reach the $0.25 mark remains uncertain. Market analysts are closely monitoring the situation, considering factors such as overall market sentiment, Ripple\'s activities, and potential regulatory developments. Investors should exercise caution and conduct thorough research before making any decisions.