XRP $XRP has experienced a notable decline of approximately 4% over the past 24 hours, dropping from $2.20 to around $2.14. This downturn aligns with a broader cryptocurrency market selloff, which has seen the total market capitalization decrease by 3.81% to $3.3 trillion.
Several factors have contributed to this market volatility:
Global Economic Tensions: The U.S. Court of International Trade's decision to overturn Trump-era trade tariffs has reignited trade policy concerns, leading to increased market uncertainty.
Market Liquidations: In the wake of these economic devel economic developments, over $29.68 million in long positions were liquidated, as traders adjusted their exposure to mitigate potential losses.
Technical Support Levels: XRP$XRP faced resistance at $2.21 and found support at $2.11. Analysts are closely monitoring these levels, as a failure to maintain support could signal further declines.
Despite the current downturn, there are signs of potential stabilization. The price has shown some consolidation around the $2.14 mark, suggesting that the market may be finding a new equilibrium. However, investors remain cautious, given the prevailing economic uncertainties and the potential for further volatility.
