XRP has taken a big hit and drops below $ 2 for the first time in four weeks. The cryptomarkt is in turmoil and wipes away in just a week more than $ 700 billion if panic sells investors. Liquidations have risen to almost $ 1 billion in the last 24 hours, so that traders are sharp.
Let’s break down what happens.
XRP is low for up to 4 weeks
XRP has lost about 26% of its value last week and currently acts below $ 2. Despite the steep decline, the trade volume saw a small jump of 12% and reached $ 7.63 billion. However, the token fluctuates between $ 2.25 and $ 1.99 in the past day, which shows the continuous market uncertainty.
One of the main reasons for the fall of XRP seems to be the decreasing network activity. Crypto analyst Ali Martinez pointed out The active addresses of XRP have fallen by 50% since December and fall from 202,250 to 101.169.
This delay in activity suggests that fewer traders are concerned with XRP, which may have contributed to the recent price struggle.
Main levels to pay attention to XRP
XRP saw a remarkable profit from 500% from November to mid-January, but it has since been stuck in the range of $ 2- $ 2.5. To get the momentum back, XRP has to reclaim the 50-day simple advancing average (SMA) for $ 2.72.
If the sales pressure continues, the following support levels can be tested at $ 1.72 and $ 1.50 (200 days SMA).
As an addition to the Bearish pressure, the relative strength index (RSI) of XRP has recently been introduced a sold -up condition, showing that a potential reversal could be on the horizon if buyers got into.
- Also read:
- XRP -Price forecast before 28 February
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Crypto market is confronted with heavy liquidations
The wider cryptomarkt also takes a hit, where Bitcoin falls below $ 80k and Ethereum reaches a low point.
According to Coinglass, $ 952 million The value of positions has been liquidated in the last 24 hours. This includes $ 474 million in long positions from Bitcoin, $ 216 million on Ethereum Longs and $ 25.28 million from XRP traders.
A total of 226,501 traders were confronted with liquidation, with the largest single order on HTX for the BTC-usdt purple, with a value of $ 38 million.
XRP remains under pressure, but with its RSI that shows over -sold circumstances, a potential rebound is possible as buyers. While the wider market is struggling, all eyes will be focused on key resistance and support levels to see where XRP is going.
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FAQs
XRP fell under $ 2 due to a strong sales pressure, falling network activity and the total crypto market liquidation of more than $ 952 million.
XRP traders were confronted with $ 25.28 million in liquidations within 24 hours, as part of a broader market-wide crypto-liquidation event of $ 952 million.
