The crypto market has taken a major hit in the past 24 hours, with more than $657 million in liquidations. Bitcoin (BTC), Ethereum (ETH), and XRP are among the biggest losers, with prices falling by 3.89%, 4.20%, and 6.49%, respectively. The sell-off was triggered by Bitcoin’s rejection at a key technical level, which intensified selling pressure across the market. Given XRP’s strong correlation with BTC, it followed the downward spiral.
Wipeouts and Liquidations: XRP Loses Millions in Hours
According to VeloData, XRP’s Open Interest (OI) dropped by $140 million over the past 17 hours. This decline suggests that over-leveraged traders were flushed out of the market – which could actually be a positive signal for those who remain, as it clears space for more sustainable moves.
XRP has lost more than 7% of its value in just 12 hours, causing $23 million in long positions to be liquidated. This sharp drop ended an 18-day consolidation phase, forming new lower highs and lower lows – a clear bearish signal.
A falling wedge pattern is now visible on the chart, which typically hints at a bullish breakout. However, due to the intense Bitcoin-led crash, the pattern failed to play out, and XRP continued to slide.
Bottoming Out or More Pain Ahead? Key Support Comes Into Play
This rapid decline has brought XRP back to a crucial support level at $2.139. On May 4, this same level sparked an 18% rally, making it a potential foundation for a rebound. If the selling pressure gets absorbed around this area, XRP might finally find a bottom.
From a purely technical perspective, there is still a glimmer of hope for the bulls. But with Bitcoin's outlook remaining decidedly bearish, XRP’s fate is still hanging in the balance.
All Eyes on Bitcoin: XRP Will Follow If BTC Crashes Further
If Bitcoin fails to hold above $105,000, another sharp correction may follow – potentially dragging BTC down to $100,000. Due to the strong correlation between the two assets, XRP would likely mirror this movement.
In such a scenario, investors should prepare for XRP to retest the psychological support at $2, which could act as a new turning point – or signal deeper losses.
🔍 Summary: XRP Under Pressure, but a Bottom May Be Near
The intensified sell-off has hit XRP hard but also flushed out overleveraged traders. This may open the door for a recovery – if Bitcoin stabilizes. Without that, XRP is likely to continue its downward slide below key levels.
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