Amid the ongoing cryptocurrency market sell-off, XRP has endured some of the sharpest losses, wiping out over $10 billion in value in the past 24 hours.
By press time, XRP’s market capitalization stood at $123.15 billion, down from $134 billion a day earlier. The decline represents a staggering $10.85 billion wipeout, making the token the biggest loser among top assets by market cap.
XRP one-day market cap chart. Source: CMCThe sell-off also dragged XRP’s price significantly lower. The asset has fallen nearly 7% in the past 24 hours to trade at $2.03, erasing much of the momentum it attempted to rebuild earlier in the week. On a weekly timeframe, XRP is down nearly 1%.
XRP seven-day price chart. Source: FinboldXRP loses key support levels
At its current level, XRP is signaling bearishness, with its 50-day simple moving average (SMA) at $2.36 and its 200-day SMA at $2.65. The price now sits 13.6% below the shorter-term average and 22.9% below the longer-term one.
The 14-day Relative Strength Index (RSI) stands at 45.8 in neutral territory, pointing to consolidation without immediate oversold pressure.
XRP’s sell-off is part of the broader market downturn that saw major assets, led by Bitcoin (BTC), wipe out billions in the past 24 hours.
Part of the decline was driven by a historic move in Japan’s bond market, where for the first time since 2008, yields on 2-year Japanese Government Bonds breached the 1% threshold, signaling rising expectations of a Bank of Japan rate hike.
XRP fundamentals
Notably, XRP’s market structure has weakened despite strong institutional developments, including significant inflows into the asset’s spot exchange-traded funds. Spot ETF inflows reached $666.6 million, driven largely by 21Shares’ new TOXR product, while exchange supplies fell 45% over the past 60 days, signaling sustained accumulation.
Large holders also added 150 million XRP since November 25, underscoring ongoing long-term confidence.
However, these supportive flows have not been enough to counter the aggressive wave of selling that hit as risk assets broadly weakened.
Heavy derivatives unwinds and large-lot spot selling accelerated the decline, leaving the asset vulnerable to losing the $2 support.
With XRP recently trading in tandem with the broader market, how major assets such as Bitcoin react to the current downturn will likely serve as a catalyst for XRP’s next major move.
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Source: https://finbold.com/xrp-suffers-massive-10-billion-collapse-in-24-hours/
