Tanya Abrosimova
Independent Analyst
- XRP/USD lost 7% in the recent 24 hours.
- The coin is collapsing in sync with other altcoisn.
Cryptocurrency market is collapsing swiftly with XRP leading the decline. The third largest digital asset has lost 7% of its value in a matter of minutes and broke below critical $0.30. The coin touched $0.2930 low and recovered towards $0.2953 by the time of writing. However, the situation is very fluid and the price may change rapidly.
While it is not clear what might have caused the decline, it is highly likely that the movement is caused by technical factors coupled with a shift of speculative sentiments. A failure to move above $0.33 handle allowed the bears to take up the control over the situation.
Though, the sell-off is not an XRP-specific development. All major altcoins are deeply in red, nursing losses from 1.4% (Monero) to 10% (Binance Coin). Bitcoin is doing fairly well. The first digital asset stays at $5,460, down 1.5% since the beginning of the day.
XRP/USD, 1-hour chart
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