XRP price crashed more than 5% in the past 24 hours, erasing $10 billion in market capitalization as technical weakness and mixed ETF sentiment weighed on the token.
The price dropped to $2.84, down from $3.05 support and below the $3 psychological threshold, with the decline pushed XRP’s market cap from $179.82 billion to $169.72 billion, underperforming the broader crypto market’s 3.35% decline over the same period.
XRP 1-day market cap chart. Source: CoinMarketCapTechnical indicators confirm the bearish shift. XRP’s MACD histogram printed at –0.0146, while the relative strength index (RSI) fell to 46.58, signaling downside momentum. The breakdown also triggered $113 million in long liquidations, according to CoinMarketCap’s community data.
$2.88 is the next key Fibonacci retracement level (78.6%). A sustained move below $2.75, the swing low, could open the door to a deeper correction.
Crypto trading expert weighs in
The intraday slide also arrived amid a public forecast shift from on-chain analyst Ali Martinez.
On August 25, Martinez posted on X that “it won’t take long” before XRP returned to $3.70, a call Finbold noted looked unlikely at the time with the token trading below $3, pointing out that it was much more likely for XRP to trade at $2.70 instead.
Four days later, on August 28, Martinez wrote that “$XRP continues to retrace toward $2.83 as anticipated!” bringing his outlook in line with the prevailing downside momentum as price action gravitated toward that level.
The selloff follows a week of mixed sentiment around potential XRP spot ETF approval. While CME XRP futures open interest recently crossed $1 billion in record time, optimism has been tempered by broader market weakness and uncertainty over regulatory decisions.
Source: https://finbold.com/xrp-crashes-5-in-a-day-erasing-10-billion/
