Ah, the crypto market, that delightful circus of financial folly, has once again extended its sell-off over the weekend. Major crypto assets, including our dear friend XRP, have taken a substantial tumble, as if they were auditioning for a tragic play.
According to the ever-reliable CoinGlass data, a staggering 264,608 traders have been liquidated, resulting in a total of $687 million evaporating into thin air in the cryptocurrency derivatives market over the last 24 hours. Bullish longs, those optimistic souls betting on price increases, accounted for a hefty $610 million of this total, while short liquidation rose to a mere $76 million. Meanwhile, Bitcoin‘s price has plummeted, dragging altcoins down with it, as traders ponder the macroeconomic concerns that seem to loom larger than life.
XRP, bless its heart, was not spared from the bearish onslaught, hitting lows of $2.08 in the early Saturday session. One can only imagine the collective gasp of traders as they watched their fortunes dwindle.
In the past 24 hours, XRP has seen a trading volume of $3.45 billion, a 3% increase according to CoinMarketCap, amidst the delightful chaos of crypto market volatility. Yet, despite this impressive figure, XRP finds itself trailing behind Bitcoin and Ethereum in volumes on the major crypto exchange Coinbase. It seems that even in the world of digital currencies, popularity can be as fickle as a cat on a hot tin roof.
Not yet enough
As I pen this, XRP is down 1.78% in the last 24 hours, now resting at $2.14, having slightly recouped intraday losses after a dramatic fall to $2.08 earlier in the session. How thrilling!
Amidst this sell-off, XRP has dipped below its daily simple moving average (SMA) of 50 and 200 at $2.25 and $2.30, respectively, for the first time in weeks. This indicates that bearish momentum has strengthened, much to the chagrin of hopeful investors. Ironically, this decline follows reports of rising demand for XRP as a corporate treasury asset. Who knew that tragedy could breed opportunity?
In a twist of fate, renewable energy provider VivoPower is raising $121 million to establish an XRP-focused treasury reserve, a first for a publicly traded firm. Meanwhile, China-based Webus International plans to raise $300 million in capital to launch an XRP strategic reserve. It appears that while the market flounders, some are still willing to take the plunge.
Analysts, those ever-watchful hawks, are keeping a keen eye on the daily SMA 50 at $2.25, which may determine whether XRP will consolidate further or plunge into the abyss. Stay tuned, dear readers, for the next thrilling episode in this ongoing saga!
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2025-05-31 14:12