XRP Token Plunges Amid Crypto Market Sell-Off
XRP, the digital asset behind the XRP Ledger, experienced a significant drop on October 10, hitting its lowest point sence december.The token fell by 63% from its yearly high, reaching $1.37 before recovering by 75%. This sharp decline triggered $700 million in liquidations, validating analyst Peter Brandt’s bearish prediction.
the XRP price crash was part of a broader $300 billion crypto sell-off, fueled by escalating U.S.-China trade tensions.President Trump announced a 130% tariff on Chinese goods, prompting fears of retaliatory measures. This trade war has had a significant impact on the crypto market, with the total market cap dropping to $3.7 trillion.
Despite the recent volatility, XRP has some potential catalysts for recovery. ETF inflows and upcoming spot ETF approvals could provide support. Data from ETF.com shows significant inflows into XRP-related ETFs since their approvals.
Technical analysis reveals a mixed picture for XRP. The daily chart shows a descending triangle pattern, a bearish indicator. However, a giant hammer candlestick pattern suggests a possible bullish reversal. Analysts predict continued volatility as the trade war escalates, with potential for a rebound to $2.70 before resuming the downtrend.
