XRP Faces Selling Pressure as Key Support Level Emerges Amid Market Liquidations

• Long positions have been heavily liquidated, totaling $380 million in the last 24 hours.

• The critical support level for XRP is $2.81, where approximately 1.7 billion tokens were accumulated.

• XRP is the second worst-performing token in the top 10, with a 24-hour drop exceeding 4%.

Stay updated on XRP’s performance as it faces selling pressure and key support levels. Explore more on en.coinotag.com.

What is XRP’s Current Market Situation?

XRP is currently experiencing a downturn, hitting an intraday low of $2.96. This decline is part of a broader market trend affecting major cryptocurrencies, including Bitcoin, which is also under pressure.

Why are Long Positions Being Liquidated?

Long positions in the cryptocurrency market have seen significant liquidations, with $464.70 million wiped out in the last 24 hours. This includes $380 million from long positions, indicating a strong bearish sentiment among traders.

Frequently Asked Questions

What is the key support level for XRP?

The key support level for XRP is $2.81, where approximately 1.7 billion tokens were accumulated, making it crucial for price stability.

How much has the cryptocurrency market dropped recently?

The cryptocurrency market has faced substantial selling pressure, with XRP dropping over 4% in the last 24 hours, making it one of the worst performers among top tokens.

Key Takeaways

• Market Pressure: XRP has dropped to $2.96, facing significant selling pressure.
• Liquidation Impact: $464.70 million in crypto has been liquidated, primarily from long positions.
• Support Level: The critical support level for XRP is $2.81, essential for potential recovery.

Conclusion

XRP is currently navigating a challenging market landscape, with a notable decline to $2.96 and significant liquidation events. As the cryptocurrency market remains volatile, monitoring key support levels like $2.81 will be vital for traders and investors alike.