By cryptoadmin 
XRP took a pointy nosedive, slipping under the essential $2 mark and sending shockwaves by way of the crypto group.
Presently buying and selling at $1.97, XRP fell from $2.41 in lower than 24 hours, marking a staggering 18% drop for the day.
The market cap tumbled from $137.8 billion to $113.8 billion, leading to a lack of $24 billion in worth inside a day.
Buying and selling quantity surged to $24.75 billion, an 8.38% improve during the last 24 hours, signaling intense market exercise as merchants scrambled to reposition.
XRP remains to be buying and selling above its 200-day easy shifting common, suggesting that the broader development stays constructive regardless of the correction, because the token stays up 76.35% previously month
Over the previous 30 days, XRP has seen 17 inexperienced days out of 30, reflecting a 57% constructive buying and selling streak.
Key XRP ranges to look at
Within the quick time period, merchants are eyeing the $2 psychological degree as a vital marker for restoration. The speedy assist degree lies at $1.92, and if this holds, XRP might stabilize and try to reclaim increased floor. On the upside, the resistance degree at $2.55 would be the subsequent problem for the bulls.
Whereas the sudden crash has rattled traders, the general outlook stays cautiously optimistic. Merchants and analysts will intently monitor whether or not XRP can shortly bounce again above $2, a transfer that might restore confidence and set the stage for renewed upward momentum.
Curiously, numerous chart analysts on X (previously Twitter), resembling Crypto Tony, had prompt that XRP was holding up comparatively effectively in comparison with different altcoins earlier than the value continued to cascade downward. This false sense of resilience was shortly shattered as promoting stress mounted.
Famend on-chain analyst Ali Martinez added to the dialogue, noting that if XRP rebounds to $2.62, a major 20.50 million in brief positions might face liquidation.
$20.50 million in brief positions might be liquidated if $XRP rebounds to $2.62! pic.twitter.com/IKMCIolaiV
— Ali (@ali_charts) December 20, 2024
This potential squeeze might function a catalyst for a swift restoration if the market sentiment flips bullish.
Featured picture through Shutterstock