The broader decline in the crypto market has seen a bearish shift in XRP prices. This significant drop-off coincided with widespread market instability and economic concerns that affected investor sentiment.
Cryptocurrency Market Faces Major Selloff
On Sunday, the cryptocurrency markets sharply decreased as investors shifted their money from risky assets. In just 24 hours, dropped by 12.8%, the largest cryptocurrency by market cap, while Ether, the second-largest one, dipped by 21%.
According to CoinMarketCap data, the total value of cryptocurrencies decreased by about $270bn. This drop in the crypto market mirrored an Asia-Pacific equities sell-off, including Japan’s Nikkei 225 Index, which went down as much as 12%.
This continued a losing streak that started last week when the Bank of Japan raised interest rates to their highest level in sixteen years.
XRP Price Drop and Technical Analysis
has been on a significant low for over twenty-four hours, falling nearly thirteen percent. The price fell from roughly $0.5562 to $0.4545. The graph shows its downward trend, where it closed near its daily low, indicating excessive bearish pressure.
