XRP suffers massive $10 billion collapse in 24 hours

Amid the ongoing cryptocurrency market sell-off, XRP has endured some of the sharpest losses, wiping out over $10 billion in value in the past 24 hours. By press time, XRP’s market capitalization stood at $123.15 billion, down from $134 billion a day earlier. The decline represents a staggering $10.85 billion wipeout, making the token the biggest loser among top assets by market cap. XRP one-day market cap chart. Source: CMC The sell-off also dragged XRP’s price significantly lower. The asset has fallen nearly 7% in the past 24 hours to trade at $2.03, erasing much of the momentum it attempted to rebuild earlier in the week. On a weekly timeframe, XRP is down nearly 1%. XRP seven-day price chart. Source: Finbold XRP loses key support levels At its current level, XRP is signaling bearishness, with its 50-day simple moving average (SMA) at $2.36 and its 200-day SMA at $2.65. The price now sits 13.6% below the shorter-term average and 22.9% below the longer-term one. The 14-day Relative Strength Index ( RSI ) stands at 45.8 in neutral territory, pointing to consolidation without immediate oversold pressure. XRP’s sell-off is part of the broader market downturn that saw major assets, led by Bitcoin ( BTC ), wipe out billions in the past 24 hours. Part of the decline was driven by a historic move in Japan’s bond market, where for the first time since 2008, yields on 2-year Japanese Government Bonds breached the 1% threshold, signaling rising expectations of a Bank of Japan rate hike. XRP fundamentals Notably, XRP’s market structure has weakened despite strong institutional developments, including significant inflows into the asset’s spot exchange-traded funds. Spot ETF inflows reached $666.6 million, driven largely by 21Shares’ new TOXR product, while exchange supplies fell 45% over the past 60 days, signaling sustained accumulation. Large holders also added 150 million XRP since November 25, underscoring ongoing long-term confidence. However, these supportive flows have not been enough to counter the aggressive wave of selling that hit as risk assets broadly weakened. Heavy derivatives unwinds and large-lot spot selling accelerated the decline, leaving the asset vulnerable to losing the $2 support. With XRP recently trading in tandem with the broader market, how major assets such as Bitcoin react to the current downturn will likely serve as a catalyst for XRP’s next major move. Featured image from Shutterstock The post XRP suffers massive $10 billion collapse in 24 hours appeared first on Finbold .