The post XRP Faces Critical Breakdown as Markets Plunge Amid Bearish Sentiment appeared on BitcoinEthereumNews.com.

The XRP cryptocurrency is currently using its 200 EMA as a vital support level. If XRP achieves the $0.587 mark, approximately $32.41 million in short positions will face liquidation. Recent crypto market struggles have affected leading assets such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Ripple (XRP), with XRP losing a crucial support level at $0.556. Discover the latest on XRP as it navigates critical support levels and market volatility, impacting traders with significant liquidations. Key Support and Resistance Levels for XRP XRP has seen liquidations totaling over $2.71 million in both long and short positions following its breach of the crucial $0.556 support level. This figure includes $2.41 million from long positions and $298.4k from short positions. Recently, Ripple unlocked 1.8 billion XRP tokens, worth approximately $981 million, significantly increasing the circulating supply and creating a bearish trend for XRP. XRP Whale Movements and Market Sentiment Despite the bearish trend, notable whale movements were observed, with 75.36 million XRP tokens valued at $40.2 million transferred from Binance to an unknown wallet. Currently, XRP is trading around $0.54, reflecting a 4.5% decline within the last 24 hours. The trading volume has also decreased by 35%, indicating growing market fear. Additionally, Open Interest (OI) for XRP has dropped by 7% as investor and trader engagement decreases during this market downturn. Technical Analysis: Potential XRP Price Movements Technical analysis suggests that XRP is bearing down on its 200 Exponential Moving Average (EMA), though it remains a crucial support level. Should the asset fail to uphold this level under continued selling pressure, a further decline towards the $0.48 mark is plausible. Presently, the significant liquidation levels are identified at $0.526 and $0.587. A fall below $0.526 could provoke the liquidation of approximately $7.09 million in long positions, whereas a surge to $0.587…

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Filed under: News - @ August 5, 2024 10:26 am