XRP Drop 11.6%, $18B Liquidation Dey Test $3.12 Support
XRP don drop 11.6% for di last 24 hours make e dey trade 'round $3.13, after people begin take profit since e peak for July reach $3.65. Di sell-off trigger over $18 billion for XRP liquidation, including $88.6 million wey disappear from XRP positions, as futures open interest climb reach record $10.98 billion. Market analyst EGRAG CRYPTO talk say $3.12 na important Fibonacci support for the 4-hour chart; if e bounce there, e fit target $4.16 1.21 extension, but if e break down, e fit fall go $3.00. Broader bearish signals from rising Bitcoin dominance and Ethereum divergence dey put pressure on altcoins. Traders suppose dey watch the $3.12 level for signs say e fit steady and when e reclaim $3.36, dat go mean say di correction don end.
Bearish
Di sharp 11.6% drop and over $18 billion wey dem clear give strong bearish momentum for XRP. Record futures open interest mean say leveraged traders dey vulnerable, and if e break below $3.12 Fibonacci support e go likely make the price even fall faster towards $3.00. Even though rebound from this level fit give small short-term relief rally, the bigger bearish pressure from Bitcoin dominance and Ethereum divergence show say make dem dey careful. Overall, failure to hold key supports show say short-term outlook no good, and long-term recovery depend on to reclaim higher levels.