XRP Price Loses 10% as Crypto Weakness Deepens

XRP
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Ahmed Barakat
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Part of the Team Since
Mar 2024
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Ahmed Barakat is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.

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XRP price trades at $1.28, down 9% on the day. The decline was XRP’s largest one-day percentage loss since February 5. The move placed attention on how the token would trade after the sharp fall, as it was trading between $1.40 and $1.45 in the previous 24 hours.

The decline reduced XRP’s market cap to $80 billion, or 3.34% of the total cryptocurrency market cap. XRP’s highest market capitalization was at $210 billion. As this is being reported, the XRP price remains 65% below its all-time high of $3.65, set on July 18 last year.

Other major cryptocurrencies also declined during the session. Bitcoin was last at $75,500, down 2% on the day, while Ethereum traded at under $2,400, down 4%. Those declines provide important market context for XRP’s move.

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Why the $1.28-$1.30 Zone Matters for XRP Price?

XRP is trading at $1.28 after another sharp move lower, with the token down 0.7% over the past 24 hours. The decline becomes more significant across longer timeframes, with XRP down 8.2% over seven days and 10.4% over the past month.

Trading activity remains substantial, with XRP recording approximately $80.46 billion in 24-hour volume. Its market capitalization stands at around $5.88 billion, while the latest price action shows a volatile move lower after several failed recovery attempts.

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At $1.28, XRP is now testing a much lower level following the recent selling pressure. The immediate question for traders is whether buyers can stabilize the price around this area or whether another wave of selling pushes XRP toward fresh lows.

The chart data also shows a volatile recovery attempt followed by another sharp move lower. XRP briefly rebounded from an earlier decline before sellers returned, pushing the price back toward $1.28. That price action makes the current level an important area to watch as the market searches for a potential stabilization point.

For now, the combination of a 10.4% monthly decline and substantial trading volume keeps the focus on whether buyers can absorb the remaining selling pressure.

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Source: cryptonews.com