XRP News Today: XRP Market Cap Drops 11% as $6 Billion Exits

XRP, the fourth-largest cryptocurrency by market capitalization, concluded the past week on a bearish note, with intensified selling pressure causing a significant reduction in its market cap. The altcoin experienced a massive hit as $6 billion exited the XRP market, according to data from CoinMarketCap.

XRP’s market cap is currently at $129 billion, reflecting the broader crypto market's decline. Over the last week, XRP’s market value dropped by $15 billion, indicating an extended bearish trend. The price value of XRP has also significantly declined, leading to a retest of previous support levels. XRP has dropped by 4% over the last 24 hours, with 7-day losses totaling 9.11%. This decline has resulted in a total wipeout of gains achieved over the last 30 days, although XRP bulls have retained 10% of their gains from the last 90 days. A further decline in market value poses a major threat to the asset.

At the time of this report, XRP is trading at a price of $2.20. Support is forming around the $2.10 to $2.15 range, making XRP critical this week as the possibility of revisiting lower lows heightens. Meanwhile, resistance is forming around the $2.30 level, and an upward correction could mark a price recovery for XRP. The broader cryptocurrency market is also trading in the red zone, with the leading cryptocurrency, Bitcoin, sinking 6.95% from its recently attained all-time high of $111,970. Bitcoin is trading at $104,734 following a 2.15% decline in global market cap value.

The selling pressure on XRP has been attributed to various factors, including market sentiment and potential regulatory uncertainties. The exit of such a large amount of capital from the XRP market has led to a notable decline in its price, raising concerns among holders and traders. The impact of this selling pressure is evident in the market dynamics of XRP, which has been facing resistance at key levels. The recent sell-off has exacerbated this situation, and analysts have noted that the selling pressure could continue if market conditions do not improve. The exit of $6 billion from the market has also raised questions about the liquidity and stability of XRP, as such a large outflow can have a significant impact on the overall market sentiment.

Despite the challenges, some analysts remain optimistic about the long-term prospects of XRP. They point to the underlying technology and the potential use cases of the cryptocurrency as reasons for optimism. However, the immediate focus is on stabilizing the market and addressing the selling pressure. Investors are closely monitoring the situation and are looking for signs of recovery in the market. The exit of $6 billion from the XRP market has been a significant event, and its impact will continue to be felt in the coming days and weeks.