XRP Tumbles 12% as Crypto Market Sheds $1 Trillion in Value
The cryptocurrency market is off to a rocky start this week, with major tokens experiencing double-digit losses. Ripple’s XRP has plummeted 12%, reaching an intraday low of $2.07, while other notable coins such as Dogecoin (DOGE) and Cardano (ADA) have also faced significant declines, losing 10.6% and 13.4%, respectively.
Market Overview: $1 Trillion Wiped Out
Bitcoin (BTC), the leading cryptocurrency, has managed to limit its losses to 2.6% after briefly reclaiming the $100,000 mark on Monday. However, the broader crypto market is on track for its worst single-day performance in four months, with a staggering $1 trillion erased from its total market capitalization.
According to CoinGlass, $1.76 billion in crypto positions were liquidated over the past 24 hours. Long positions accounted for the majority, with $1.58 billion wiped out. Among the nearly 600,000 liquidated trades, one unfortunate trader suffered a $19.69 million loss on a single ETH/USDT order on Binance.
Liquidation Highlights
- Binance Leads Liquidations: The largest share of liquidations occurred on Binance, with a total of $756.26 million.
- Ethereum Outpaces Bitcoin: Ethereum saw $223 million in liquidated long positions, surpassing Bitcoin’s $148 million.
- Speculative Assets Hit Hard: Solana, Dogecoin, and XRP ranked among the top five assets affected, underscoring their speculative nature.
Investor Sentiment and Market Outlook
As retail traders grapple with fear-driven sell-offs, market analysts remain cautiously optimistic. Crypto analytics firm Santiment suggests that this could set the stage for a rebound in assets like TRX, AVAX, DOT, ICP, POL, FIL, and TIA, which may attract renewed interest as capital flows shift.
What’s Next for XRP and the Market?
While the short-term outlook for XRP and other major assets remains uncertain, analysts are keeping a close watch on key support levels. For long-term investors, these market dips often serve as strategic buying opportunities. However, caution is advised given the heightened volatility.
Stay updated for more insights as the crypto market navigates this challenging week.
