Derived from Finbold, XRP experienced a significant drop, falling below the $2 mark and losing $24 billion in market capitalization within a day. The cryptocurrency's price fell from $2.41 to $1.97, marking an 18% decrease. Despite the downturn, XRP remains above its 200-day simple moving average, indicating a positive broader trend with a 76.35% increase over the past month. The trading volume surged to $24.75 billion, reflecting heightened market activity. Analysts are watching the $2 level as a critical point for recovery, with support at $1.92 and resistance at $2.55. On-chain analyst Ali Martinez noted that a rebound to $2.62 could trigger a liquidation of $20.50 million in short positions, potentially catalyzing a swift recovery if market sentiment turns bullish.
XRP Drops Below $2, Losing $24 Billion in Market Cap in a Day
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