XRP, the fourth largest cryptocurrency, has fallen below $2 for the first time in weeks as the overall crypto market suffers a sharp downturn. The latest market bloodbath has triggered a staggering $952 million in crypto liquidations over the last 24 hours, according to CoinGlass data.
The sell-off has impacted most digital assets, with Bitcoin (BTC), Ethereum (ETH) and other major cryptocurrencies significantly declining. XRP dropped as much as 12%, falling below the crucial $2 level as bearish sentiment dominates the market.
At the time of writing, XRP had regained the $2 mark after dropping to lows of $1.95 in early Friday's trading session; the last time XRP went below $2 was on Feb. 3. XRP was currently down 8.35% in the last 24 hours to $2.04.
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XRP/USD Daily Chart, Courtesy: TradingView
XRP lost the daily SMA 50 support at $2.72 as it extended its slide from Feb. 20. Currently, XRP is consolidating between its daily moving averages of 50 and 200 at $2.723 and $1.50, respectively.
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XRP will need to reclaim the daily SMA 50 at $2.72 (previous support now resistance) to regain bullish momentum and kickstart a fresh uptrend. If the selling pressure continues, the next major support levels at $1.72 and the daily SMA 200 at $1.50 could be tested. However, if bulls regain momentum, a rebound may be possible.
Crypto market sees sell-off
Cryptocurrencies fell on Friday as investors waited for the release of a key inflation reading, the week's most anticipated data point. The PCE report is an essential measure of inflation that aids the Fed's decision-making on interest rate cuts. The Fed's next meeting is scheduled for March 18-19.
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Almost all cryptocurrencies in the top 100, save stablecoins, were down, with some losing up to 15%. Bitcoin (BTC) fell 8% below $79,000 for the first time since November and is down roughly 30% from its January high of over $109,000. BTC has fallen about 18% this week alone, the largest decrease since Nov. 13, 2022; XRP sustained higher losses, down 24% weekly.
Overall crypto market capitalization declined 6.63% in the last 24 hours, retracing all gains made in early November. Amid the continuous sell-off, the crypto market valuation has been fallen by over $1.1 trillion, bringing it to $2.67 trillion. Bullish futures bets registered almost $824 million in liquidations out of a total of $952 million reported in the last 24 hours.
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