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XRP has taken a major hit, dropping below $2 for the first time in four weeks. The crypto market is in turmoil, wiping out over $700 billion in just a week as panic selling grips investors. Liquidations have surged to nearly $1 billion in the last 24 hours, leaving traders on edge.
Let’s break down what’s happening.
XRP Falls to 4-Week Low
XRP has lost around 26% of its value in the past week, currently trading below the $2 mark. Despite the steep decline, its trading volume saw a slight jump of 12%, reaching $7.63 billion. However, the token has been fluctuating between $2.25 and $1.99 over the last day, showing continued market uncertainty.
One of the key reasons for XRP’s downfall appears to be the declining network activity. Crypto analyst Ali Martinez pointed out that XRP’s active addresses have dropped by 50% since December, falling from 202,250 to 101,169.
This slowdown in activity suggests that fewer traders are engaging with XRP, which may have contributed to its recent price struggles.
Key Levels to Watch for XRP
XRP saw a remarkable 500% gain from November to mid-January, but it has been stuck in the $2-$2.5 range since then. To regain momentum, XRP needs to reclaim the 50-day simple moving average (SMA) at $2.72.
If selling pressure continues, the next support levels at $1.72 and $1.50 (200-day SMA) could be tested.
Adding to the bearish pressure, XRP’s Relative Strength Index (RSI) has recently entered an oversold condition, hinting that a potential reversal could be on the horizon if buyers step in.
- Also Read :
- XRP Price Prediction For February 28
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Crypto Market Faces Heavy Liquidations
The broader crypto market is also taking a hit, with Bitcoin dropping below $80K and Ethereum reaching a one-year low.
According to Coinglass, $952 million worth of positions were liquidated in the past 24 hours. This includes $474 million in Bitcoin long positions, $216 million in Ethereum longs, and $25.28 million from XRP traders.
In total, 226,501 traders faced liquidation, with the biggest single order happening on HTX for the BTC-USDT pair, valued at $38 million.
XRP remains under pressure, but with its RSI showing oversold conditions, a potential rebound is possible if buyers return. As the broader market struggles, all eyes will be on key resistance and support levels to see where XRP goes next.
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FAQs
XRP fell below $2 due to strong selling pressure, declining network activity, and overall crypto market liquidation exceeding $952M.
XRP traders faced $25.28 million in liquidations within 24 hours, as part of a broader $952M market-wide crypto liquidation event.
