Today’s XRP price offered traders a rollercoaster as cascading liquidations ignited a brutal sell-off across the entire crypto market. With the total market cap plunging 2.73% to $3.38 trillion, over $2.1 billion was wiped out through mass liquidations after Bitcoin’s dip below the $100,000 mark.
XRP price, echoing these marketwide jitters, slumped 1.85% to $2.24 and traded 14.41% lower on the weekly chart. Even updates in XRP ETF filings couldn’t stoke bullish momentum as investors shied away, preferring to sit on the sidelines and digest risk. XRP’s steep losses played out with little relief, reflecting voices of caution among traders.
As per CoinGlass, heavy liquidations dominated XRP markets today, with $40.85 million erased in the past 24 hours and $6.6 million hammered out of short positions. The brunt of liquidation pain fell on bulls, with $34.25 million in longs wiped out as prices failed to hold above key supports.
The bulk of trading moved through Binance, which clocked a whopping $4.49 billion in futures volume. Major exchanges like MEXC and Bybit also racked up billions in volume. Confirming most of the action occurred against a backdrop of rapid forced selling. Most traders seemed to position defensively, bracing for more downside risk, while liquidity remained deep.
Looking at the 4-hour chart, XRP price today started the day fighting to stay above $2.24. The token failed to defend major moving averages, dipping well below its 30-day SMA at $2.51, and 200-day EMA at $2.60. On the downside, $2.10 and $2.00 mark crucial support zones. Having tested the $2.08 low, XRP staged a modest bounce, but momentum never convincingly shifted.
Successively, the RSI 14 sits at 36.93, highlighting oversold conditions. Bollinger Band readings show pronounced volatility squeeze, the price sticks near lower bands as sellers remain in control. Unless buyers return in force above $2.36, pressure may continue into tomorrow. Watching for a move above $2.36 could offer the first sign of stabilization, while sharp dips may see quick retests of $2.1045 and $2.00 levels.
Current technicals suggest continued bearish pressure. Immediate support sits at $2.10, and any bounce needs a close above $2.36 to attract new buyers.
Volumes remain strong, especially on Binance futures. However, without clear bullish patterns or upticks in RSI, elevated volume alone does not guarantee a reversal.
RSI below 34 does hint at oversold status, but reversal signs are missing. Cautious traders should wait for bullish confirmation above $2.36 before entering new positions.
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