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XRP holders suffered significant losses as the cryptocurrency dropped by over 6% in the last 24 hours, resulting in a loss of more than $10 billion in market capitalization. XRP price is at $2.42, representing a 16% weekly loss. The fall highlights the mounting pressure in the digital asset market with regulatory unpredictability and macroeconomic risk taking a toll on investor attitudes.
The market slump coincided with the broader vulnerability of cryptocurrencies, as traders responded to delays in the approval of spot crypto ETFs in the United States. United States government shutdown concerns and the postponement of decisions by the Securities and Exchange Commission also contributed to fears that regulation would become even slower. In the meantime, increased tariff disputes between the US and China have lessened risk-taking interest, driving investors to cut both equities and digital currency exposure.
XRP did not sustain the momentum after resistance was tested near the $2.90 level last week. The rejection caused a break in the support zone between $2.70 and $2.50, leading to a cluster of liquidations and stop-loss orders. This accelerated sales and resulted in a faster price decline.
According to blockchain data, large holders, also known as whales, played a significant role in the sell-offs. On-chain data reveal that over $2.23 billion of XRP has been sold out of whale wallets since Friday.
The high selling lowered the liquidity level in major exchanges and thus the token became susceptible to price fluctuations. According to market observers, XRP also experienced a sharp decline in trading volume, indicating a decrease in short-term speculative trading.
CoinMarketCap data indicates that the market capitalization of XRP decreased by more than 6.5% in 24 hours, dropping to $144.4 billion after reaching $157.9 billion on October 13. The daily trading volume declined to $8.54 billion, down from $10.30 billion on the same day, indicating a 25.7% reduction in liquidity.
Analysts are watching the $2.14 to $2.35 level as a key support zone. Historically, this level has drawn the interest of buyers and is consistent with oversold readings of technical indicators. If bulls are able to protect this threshold, XRP may experience a revival, potentially reaching $2.50 or $3 targets. A further decline below $2.14, however, may cause a fall to $1.90 which has not been reached since late summer.
