XRP crypto loses $358 million in 24 hours. Here’s why
- XRP lost approximately $358 million in the last 24 hours, creating a panic situation in the market.
- At the time of writing the token was trading at $2.39 with a 24-hour trading volume of $12,78,19,76,034, according to CoinMarketCap.
- The popular token fell by 6.08% on Monday, pulling back the gains it had managed to gain following the recent court ruling.
After witnessing a prolonged period of green on its bars, the XRP cryptoon 9 December experienced its steepest decline in two months. The popular token fell by 6.08% on Monday, pulling back the gains it had managed to gain following the recent court ruling.
At the time of writing the token was trading at $2.39 with a 24-hour trading volume of $12,78,19,76,034, according to CoinMarketCap.
What’s the reason for XRP crypto’s fall?
XRP, along with the leading cryptocurrencies such as Bitcoin, Ethereum, Solana, Dogecoin etc. has been on a losing trend today as the overall cryptocurrency market dropped by 2.67% to be at $3.57 trillion.
According to CoinMarketCap, XRP is among the leading decliners during Monday’s session, with its market capitalization shrinking to just under $136 billion.
As a result, it had to relinquish its third position and dropped to 4th on the leading cryptos with market cap. As per figures from Coinglass, XRP lost approximately $358 million in the last 24 hours, creating panic situation in the market.
Image credit: Coin Glass
What does XRP crypto’s Technical Analysis indicate?
The current XRP technical indicators showcase its price has dropped below short-term support around $2.39. This move suggests the potential for further short-term depreciation toward the mentioned support levels or the trendline extending from the late-November lows.
A look at the charts indicates the XRP holders have gone on a selling spree following the panic situation that has created in the market. In fact, its RSI stands at 67.42, indicating the selling momentum is on, if the movement continues then it may fall further.
Image Credit: Trading View
While the resistance level still above the current trading price at $2.40208, any further fall could see resistance levels being relooked at.
Having said that MACD indicators, despite its blip continues to showcase a momentum that is holding on at the moment. XRP’s long-term bullish potential does appear to be a high-risk tolerance, but ongoing regulatory uncertainties and market volatility require careful consideration.
