XRP Falls Below $3, Eyes $2.81 Support Amid $465M Sell-off
XRP fell below $3 on Monday, hitting $2.96 for the first time since August 6. The drop came amid broad selling pressure in the crypto market. The decline left XRP as the second weakest token in the top ten, behind Solana.
Over the past 24 hours, about $464.7 million in crypto positions were liquidated. Long positions accounted for $380 million. These liquidations intensified the selling pressure and eroded leveraged bets.
In technical terms, the $2.81 support level is now critical for XRP. Around 1.7 billion tokens are clustered at this threshold from prior consolidation zones. A sustained break below $2.81 could worsen bearish sentiment.
The pullback also dragged Bitcoin toward the $115,000 mark, prompting further outflows among altcoins. Traders are watching for renewed buying interest above key support. XRP’s performance today highlights the fragile state of leveraged markets and the importance of risk management.
Bearish
The news is bearish for XRP and the wider altcoin market. The heavy selling pressure and $465 million in liquidations indicate that leveraged long positions are unwinding rapidly. A break below the key $2.81 support would likely trigger further downside risk, fueling more stop-loss orders and margin calls. Historically, similar declines in May 2023 led to short-term capitulation before any recovery. Traders may remain cautious in the short term, while longer-term sentiment hinges on Bitcoin’s stability and renewed buying interest around critical support levels.