XRP Plunges 7% on $437M Sell-Off Amid $1B Liquidations
XRP tumbled 7.19% over 24 hours, sliding from $3.34 to $3.10 as more than $1 billion in crypto liquidations rippled through markets. A midday capitulation spike saw record intraday sales of 436.98 million XRP, testing key support between $3.05 and $3.09. Despite the heavy sell-off, late-session buying—marked by two notable volume surges—suggests renewed accumulation from institutional holders. Ripple’s CTO also reaffirmed the XRP Ledger’s readiness for global financial infrastructure, offering fundamental support amid technical weakness. On-chain data shows weakening sell-side momentum, with immediate resistance at $3.13 and secondary resistance at $3.20. Traders will watch for follow-through buying above $3.13, large-wallet activity for renewed accumulation signals, and shifts in funding rates in XRP derivatives. The drop aligns with broader market declines and equity profit-taking, underscoring the influence of Fed rate cut expectations on risk sentiment.
Bearish
The sharp 7% drop in XRP amid a $437 million sell-off and over $1 billion in market-wide liquidations signals heightened downside pressure. Heavy intraday volume and breached support near $3.05 reflect capitulation similar to past liquidation-driven sell-offs. Although late-session accumulation indicates potential stabilization, the prevailing market sentiment and technical breakdown suggest further short-term downside risk. In the long term, institutional interest at support and fundamental confidence in the XRP Ledger may underpin a recovery if key resistance levels hold.