Bitcoin, Ethereum, Solana, and Ripple, experienced declines due to market selling pressure. XRP faced a significant crash after breaking the support at $0.556. Following this break, a total of $11.2 million in long and short positions were liquidated.
XRP’s Support and Resistance Levels
When XRP broke the support, its price dropped sharply. Accordingly, XRP’s price fell to $0.43 before recovering to $0.46. It is worth noting that Ripple released 1.8 billion XRP tokens into the market, increasing the circulating supply just before the price drop.
Despite this decline, major investors moved 75.36 million XRP tokens from Binance to an unknown wallet. This transfer is valued at $40.2 million. It is considered a strategic move by whales, suggesting they are taking advantage of the dips.
XRP Price Analysis
Currently, XRP is trading at $0.46, having experienced a 14.5% price drop in the last 24 hours. During the same period, trading volume fell by 35%, reflecting market fear. XRP’s Open Interest (OI) also decreased by 7%, indicating reduced interest from investors and traders.
According to technical analysis, XRP remained in a bear market after breaking the critical support at $0.556. However, it failed to find support at the 200 EMA level of $0.52, signaling a negative outlook for XRP traders and investors. Losing this support led to further declines, with an additional 10% drop expected from the current price.
Liquidation Levels
Currently, the main liquidation levels are set at $0.42 and $0.40. If market sentiment remains unchanged and XRP falls below $0.426, approximately $17.09 million in short positions will be liquidated. Conversely, if XRP rises to $0.52, $32.41 million in short positions will be liquidated.
Despite market fluctuations, Ripple’s XRP token continues to attract investor attention. XRP’s recent rise to $0.65 had given investors some hope after a long period. However, the recent drop dashed those hopes, bringing XRP back to its starting point. Now, everyone is focused on whether the anticipated 10% drop will occur.
