With Bitcoin‘s value dropping more than 4% in the last 24 hours, the cryptocurrency market has once again entered a downward trend. XRP, which has been experiencing a downward momentum in recent weeks and has lost more than 25% of its value in the last month, also recorded a loss of over 3% in the past 24 hours, falling to $0.5 levels.
Cryptocurrency Market in Decline
The leading cryptocurrency Bitcoin (BTC) has experienced a loss of over 4% in the past 24 hours, trading at levels of $26,000. The cryptocurrency market started the day with a decline after BTC dropped back to $26,000 levels. Most altcoins in the cryptocurrency market have recorded varying degrees of losses since the morning hours.
The total market capitalization of the cryptocurrency ecosystem has fallen to $1.05 trillion, according to CoinMarketCap (CMC) data. Additionally, due to the increasing volatility in the cryptocurrency market, an average of $120 million worth of short and long positions were liquidated in the past 24 hours, according to Coinglass data.
XRP, which has been experiencing a downward trend in the market, intensified its losses due to the downward trend. XRP, which lost more than 3% in the past 24 hours, retreated to $0.5 levels.
XRP Falls to $0.5 Levels
XRP experienced a strong rise due to the Ripple-SEC case in mid-July and reached levels of $0.9 during this period. However, it could not continue its upward trend and has experienced a significant downward momentum in recent weeks. XRP, which has lost more than 25% in the past month, approached $0.5 levels with the start of a decline in the cryptocurrency market, recording a loss of over 3% in the past 24 hours.
XRP tested the $0.5 support multiple times in August and briefly fell to levels of $0.48 in previous weeks. Many analysts evaluating the recent declines in XRP have stated that if XRP continues to decline below $0.5 levels, the losses may accelerate.
The recent losses in the past weeks have dealt a strong blow to XRP. XRP’s market value has fallen from $36 billion to $26.8 billion within the past month.
The information in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and therefore carry risks, and should conduct their own research before making transactions.
