Cryptocurrencies price prediction: XRP, Bitcoin & Cryptos – American Wrap 30 January
|XRP slumps as record ETF outflows and liquidations intensify
Ripple (XRP) is trading under intense selling pressure, down over 2.5% intraday to $1.75 at the time of writing on Friday. The cross-border remittance token faced significant capital flight on Thursday, with the highest outflow from Exchange-Traded Funds (ETFs) since launch. With risk-off sentiment still persistent, XRP is at risk of extending the bearish momentum into the weekend.
Crypto is looking for support
The crypto market cap fell by around 5% to $2.82 trillion over the last 24 hours, and it twice touched $2.78 trillion, the lowest level since April last year. As we expected, the downward momentum in the commodity and stock markets only increased pressure on the cryptocurrency market, and the sell-off occurred at elevated volumes as market participants tightened their stop orders during the prolonged consolidation. Our worst-case scenario assumes a decline to the $1.8-2T range, with an extension to 161.8% of the initial downward momentum in October-November.
Crypto Today: Bitcoin, Ethereum, XRP plunge as risk-off sentiment persists, liquidations soar
Bitcoin (BTC) is extending its downside momentum at the time of writing on Friday, slipping below the critical $84,450 support level as a confluence of macroeconomic headwinds and risk-off sentiment grips global markets.
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