XRP Drops 11.6%, $18B Liquidation Tests $3.12 Support
XRP has plunged 11.6% over the past 24 hours to trade around $3.13, following profit-taking after its July peak at $3.65. The sell-off triggered over $18 billion in XRP liquidations, including $88.6 million wiped from XRP positions, as futures open interest surged to a record $10.98 billion. Market analyst EGRAG CRYPTO highlights $3.12 as a crucial Fibonacci support on the 4-hour chart; a bounce there could target the $4.16 1.21 extension, while a break below risks a drop to $3.00. Broader bearish signals from rising Bitcoin dominance and Ethereum’s divergence add pressure on altcoins. Traders should monitor the $3.12 level for signs of stability and the reclaim of $3.36 to signal the end of the correction.
Bearish
The sharp 11.6% decline and over $18 billion in liquidations signal strong bearish momentum for XRP. Record futures open interest highlights the vulnerability of leveraged traders, and a break below the $3.12 Fibonacci support would likely accelerate further downside toward $3.00. While a rebound from this level could offer a short-term relief rally, broader bearish pressures from Bitcoin dominance and Ethereum divergence suggest sustained caution. Overall, failure to hold key supports underlines a negative short-term outlook, with long-term recovery dependent on reclaiming higher levels.