XRP Faces Death Spiral as $25 Billion Lost in One Day Amid Crypto Market Turmoil
Ripple's XRP in Crisis
XRP is reeling from a staggering price crash, contributing to a massive loss of $25 billion in just one day. The plunge reflects a significant market downturn, with broader implications across the crypto landscape.
Market Reaction
As of now, XRP trades at $2.50, marking a decline over 15% for the day and approximately 20% over the week. In a startling drop, XRP lost nearly 40% in just 13 hours, showcasing high volatility.
Investor Behavior
- Whale Activity: Recent sell-offs by large investors emphasize the growing skepticism surrounding XRP's stability.
- Market Cap Plummet: XRP's market cap has nosedived to $138.09 billion, with an overall erosion of $32.96 billion over the past week.
Regulatory Watch
Despite current challenges, long-term sentiment remains cautiously optimistic, especially regarding potential regulatory decisions related to Ripple, including the ongoing SEC case and an ETF application.
Technical Analysis
With critical support levels identified around $1.98 and $1.87, traders are closely monitoring XRP's ability to resist further declines, while market sentiment reflects fear with a Fear & Greed Index reading of 44.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.