XRP Experiences Sharp Decline Amidst Crypto Market Dip
The XRP token, associated with Ripple, saw its value plummet to $2.1533, dipping below the 50-day moving average. This decline marks a 36% drop from its peak this year. The price has fallen for three straight days, hitting its lowest point since May 8. A gloomier sentiment in the broader crypto market fueled this downward trend.
The XRP crash has caused significant losses, particularly for leveraged traders. According to Hyperdash data, one large trader, or ‘whale,’ faced an unrealized loss of $2.6 million. This trader initially invested at $2.3715 with a 3x leverage. If the price dips to $1.3949, the whale’s trade will be liquidated, indicating a 35% price drop from current levels.
- This trader also holds long positions in ETH, SOL, HYPE, ADA, and ATOM.
- These positions have collectively incurred a weekly unrealized loss of over $8.4 million.
The recent XRP decline mirrors the broader crypto market drop, with Bitcoin sliding from a high of $111,900 to under $104,000. The market wasn’t helped by trade risks, including a threat of a 50% tariff on European goods by Donald Trump, although this was later deferred. Later, Scott Bessent warned of stalled US-china talks, suggesting that only a high-level meeting could resolve the situation.
XRP price analysis reveals an ongoing downward trend. The price has fallen below the 50-day moving average. The MACD indicator points downward, and the Money Flow Index confirms the negative sentiment. If the price dips below $2 and $1.6129,liquidation risks for leveraged traders will heighten. June is historically a tough month for crypto, adding to the plunge.
