XRP, the seventh largest cryptocurrency in terms of market capitalization, recently fell 12 percent to $ 0.472 on the Binance exchange in 50 minutes.
This drop caused XRP to erase its previous earnings. After this sudden collapse, the cryptocurrency has managed to make an impressive recovery to the current $ 0.52 level.
The cryptocurrency market has seen a large amount of liquidation on futures exchanges after the largest cryptocurrency, Bitcoin, dropped to around $ 54,000. According to Bybt data, over $ 1.7 billion of cryptocurrencies have been liquidated in the last 24 hours, and $ 1.2 billion of this was deleted in just 12 hours.
XRP ranks fourth (behind Binance Coin, Ethereum and of course Bitcoin) with $ 85.7 million in total liquidation.
Binance Coin had to go through a brutal correction and dropped to $ 249 on February 20, after rising to $ 348 the previous day. Overall, XRP and Binance Coin are the two worst-performing cryptocurrencies in the top ten, followed by Litecoin and Bitcoin Cash.
In addition, Jed McCaleb, Ripple co-founder and creator of Stellar, continues to sell millions of XRP cryptocurrencies. During this week, McCaleb has consistently sold 38 million tokens daily. McCaleb still has 2.49 billion XRP, according to Leonidas Hadjiloizou, but its sales are expected to decrease next week due to the cryptocurrency’s falling trading volume.
Finally, it is wondering what are the important levels to follow right now. Sharing his analysis on Twitter on a daily basis, Kamile Uray shared his predictions with the following graph:
“XRP broke our stop at 0.5131 a tiny bit, and the bottom pink box was also firmly supported. But it got stuck in the narrow space. The 0.578 levels are working as resistance. As long as the bottom pink box remains on it can still try the upper resistances. The breaking of the pink box will relax. “