XRP Price Dropped by 7%, Experiencing a Loss of 70 Million Dollars.

Sharp Decline in XRP and Long Position Liquidations

XRP has experienced a decline of approximately 6.7%, falling to the level of $1.75 following a wave of cryptocurrency sales led by Bitcoin. This drop occurred without any specific news related to the token and was influenced by intense short position liquidations.

Falling below the former support level of $1.79, XRP encountered an extraordinary trading volume during this process. This situation indicates that the range of $1.79-$1.82 has now become a resistance level, and it suggests that institutional investors have been drawn into this movement.

Investors are considering the $1.74-$1.75 range as a crucial support point in the short term. The preservation of this level could lead to consolidation, while a breakdown is expected to result in a further decline to the $1.72-$1.70 range.