CandleFocus

XRP enters death spiral as $25 billion wiped in a day

Author: Content Editor
XRP, the cryptocurrency associated with Ripple, has experienced a significant drop in price, underperforming the overall cryptocurrency market, due to the rollout of tariffs by the Trump administration. XRP's price dropped below $3, invalidating its recent push for a new all-time high. The token is currently trading at $2.50, reflecting daily losses of over 15% and weekly losses of almost 20%. This drop in price has resulted in massive capital outflows, with XRP's market cap dropping $23.97 billion in the last 24 hours and $32.96 billion in the last week. Whale investors have also been selling off XRP, with more than 130 million XRP sold within 24 hours. Despite the bearish movement, sentiment around XRP remains bullish in the long term, especially from a regulatory perspective. There is anticipation that the SEC will make a decision on the Ripple case soon, potentially terminating the legal suit in favor of Ripple. The resolution of this case could have a significant impact on XRP's price. Additionally, the SEC is set to make a decision on an XRP exchange-traded fund (ETF) application, which could drive institutional capital into the asset. From a technical perspective, key price levels for XRP to watch are $1.98 and $1.87, which serve as crucial support zones. The overall market sentiment for XRP is currently bearish, as indicated by the Fear & Greed Index, although the 200-day simple moving average reflects long-term growth potential.

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