$XRP Price Plunges to 4-Week Low at $2: Will XRP Bounce Back?
XRP has taken a major hit, dropping below $2 for the first time in four weeks. The sudden decline comes as the overall crypto market faces strong selling pressure, wiping out over $700 billion in just a week. With liquidations soaring to nearly $1 billion in the past 24 hours, the question now is whether XRP can recover.
XRP Falls to 4-Week Low:-
$XRP has lost around 26% of its value in the past week, currently trading below the $2 mark. Despite the steep decline, its trading volume saw a slight jump of 12%, reaching $7.63 billion. However, the token has been fluctuating between $2.25 and $1.99 over the last day, showing continued market uncertainty.
One of the key reasons for XRP’s downfall appears to be the declining network activity. Crypto analyst Ali Martinez pointed out that XRP’s active addresses have dropped by 50% since December, falling from 202,250 to 101,169.
Key Levels to Watch for XRP
XRP saw a remarkable 500% gain from November to mid-January, but it has been stuck in the $2-$2.5 range since then. To regain momentum, XRP needs to reclaim the 50-day simple moving average (SMA) at $2.72.
If selling pressure continues, the next support levels at $1.72 and $1.50 (200-day SMA) could be tested.
The global crypto market has seen a sharp correction, with Bitcoin falling below $80K and Ethereum hitting a one-year low.
According to Coinglass data, $952 million worth of positions were liquidated in the last 24 hours. This includes $474 million in BTC long positions, $216 million in ETH longs, and $25.28 million from XRP traders alone.
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