XRP, BNB Retreat as Bitcoin Dominance Rises to 61%
XRP and BNB saw sharp pullbacks after recent all-time highs as profit-taking and heightened volatility swept across altcoins. XRP plunged up to 9.6% to an intraday low of $3.21 on July 23 before recovering to around $3.28, its steepest one-day decline since April and a 12% drop from the July 18 peak of $3.66. Liquidations surged, with over $87M of XRP longs and $157M of Ether positions wiped out amid aggressive selling.
Altcoins like Dogecoin (-9%) and Solana (-7%) also tumbled, pushing an altcoin index from 51 down to 43. BNB retreated from a $809 high, though it reclaimed a top-five market cap spot. Meanwhile, Bitcoin dominance climbed to roughly 61% as BTC dipped under 2% to near $118,000, triggering $65.2M in liquidations. Traders should watch for potential support levels and continued risk-off sentiment across the market.
Bearish
XRP’s nearly 10% drop and the liquidation of over $87M in long positions reflect acute selling pressure and heightened risk aversion among traders. Such significant liquidations often exacerbate downward momentum in the short term, as forced selling can push prices further down and deter buyers. Although historical patterns show potential for a rebound once volatility subsides, market sentiment remains cautious, and further profit-taking could cap gains. In the long term, XRP’s recovery will depend on broader market stabilization and renewed investor confidence, but current indicators point to a bearish outlook until clear support levels hold and liquidation risks diminish.