XRP faced a brutal selloff in the past 24 hours, plunging nearly 28% to $2.02 amid widespread turbulence across the crypto market.
The token’s weekly losses have now deepened to over 33%, erasing a significant portion of its previous rally and bringing its market capitalization down to around $120.9 billion, according to CoinMarketCap data.
At its lowest point, XRP momentarily dropped near the $2 level before rebounding slightly as traders rushed to buy the dip. The coin’s 24-hour trading volume exceeded $10.8 billion, signaling intense volatility and large-scale liquidations across major exchanges.
Technical Breakdown Shows Bearish Momentum
The XRP/USDT chart from Binance reflects a dramatic red candle that broke below key support levels around $2.30, triggering a wave of stop-loss orders. RSI data shows the indicator plunging toward oversold territory near 23.5, suggesting that selling pressure might have been excessive. The MACD also turned negative, showing a widening bearish crossover that confirms momentum is still leaning to the downside.
Despite the steep correction, the broader market context points to possible stabilization ahead. XRP has historically rebounded quickly after aggressive selloffs, particularly when RSI dips this low.
Wider Crypto Market Crash Adds Pressure
XRP’s fall coincides with a broader crypto market crash that saw Bitcoin tumble below $115,000 before recovering and Ethereum sliding back under $4,000. Risk sentiment across the market remains fragile, with liquidation data indicating billions wiped out in leveraged long positions.
XRP remains the fifth-largest cryptocurrency by market capitalization, but today’s sharp correction shows that even top assets aren’t immune to high volatility in the current market environment. Traders now eye whether the $2 level can hold as a key psychological support zone before any potential recovery.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
Source: https://coindoo.com/xrp-price-crashes-to-2-amid-broad-crypto-market-meltdown/