XRP Plunges by 5% as Bitcoin Drives Cryptos Volatility
Ripple (XRP) fell below key support on Monday, losing more than 5% in a 24 hours trading session amid a broad crypto sell-off, liquidations, and bearish technicals.
Trading data from crypto exchanges showed XRP at $1.88 on $3.65 billion trading volume, which is an increase of 143.94% on the day. The altcoin fell sharply amidst broader sell pressure in the global crypto market buying momentum continues to fade amidst Bank of Japan rate fears.
Market analysts acknowledge that XRP’s drop reflects cryptos’ general sensitivity to Bitcoin (BTCUSD) volatility, leveraged long unwinds, and macro jitters around Bank of Japan rate tightening.
On Monday, crypto market capitalisation fell 2.6% in 24h, with Bitcoin dropping by more than 3% to $86,300. Also, Ethereum is down by about 4% in 24 hours to $2,944, breaking its support level again.
The bulls tried to push XRP above $2, but momentum faded with the growing trading volume reflecting activities of retail profit takers. The price dipped below $2.00, hitting a low of $1.88 before a minor bounce and then slipped back.
The market bleeds due to significant altcoin liquidations. XRP falls in line with sector-wide deleveraging. Traders reduced exposure to high-beta assets like XRP as Bitcoin dominance rose to 58.53%.
Today, XRP broke below its $2 and pivot point of $1.99. The RSI at 39.28 shows neutral momentum, but the MACD histogram signals bearish divergence
Market strategist Levi Rietveld predicts XRP could test $1 support over 6 months, citing technical patterns and reduced institutional demand post-Ripple-SEC case resolution. The token currently trades 49% below its July 2025 ATH of $3.65.
In other news, Ripple gains preliminary U.S. approval for launching a national trust bank, enhancing XRP’s institutional adoption. XRP acts as a cross-border bridge asset in the ISO 20022 system, enhancing transaction speed and liquidity. 21Shares launches a spot ETF for XRP amidst U.S. regulatory support, boosting its institutional credibility. Cordros Marks GTCO Top Pick, Cites Superior Earnings Quality
