XRP’s Price Plunge: A Right Pickle! 🤯

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The crypto sphere, you see, suffered a bit of a wobble on Monday – a positively crushing wobble, actually, losing four per cent of its value and a truly staggering quantity of billions in market cap. And poor XRP holders? Well, let us just say they weren’t exactly doing the Charleston. The token dipped below three dollars, cascading downwards by over four per cent in a mere twenty-four hours. It’s a bit like watching a perfectly good cup of cocoa meet a disastrous fate. Once a player of considerable stature-the third largest, no less-XRP has now slipped to fourth, with a market cap of a mere $168.32 billion. Dreadful show.

The whole business stemmed, naturally, from Bitcoin deciding to have a bit of a lie-down, slipping under $115,000 and dragging the entire altcoin market down with it. Rather inconsiderate, what?

Profit-Taking After ETF Launch

Just the other day, the market was all agog over the launch of the first U.S.-listed XRP ETF, which managed a rather impressive $37 million in trading volume on its debut. A historic occasion, certainly, but as is so often the case, it triggered a rather predictable “sell the news” response. 😒

A number of institutional chaps, having built up rather robust positions beforehand, decided to pocket their winnings rather than risk further excitements. This sudden influx of selling, I need scarcely tell you, put a distinct damper on XRP’s price.

Liquidations Add to the Decline

The downward spiral was then compounded by a spot of bother in the liquidation department. Figures reveal that XRP traders were parted from nearly $22 million in the last day, a full 99 per cent of that coming from chaps who’d taken a rather optimistic ‘long’ position. A sticky wicket, as they say.

This little squeeze only fuelled the downward momentum, leaving a good many retail investors looking distinctly flustered. The poor blighters!

Regulatory Shadows and Market Mood

Adding to the general gloom was the SEC’s updated ETF guidelines. While the guidelines clarified certain paths for crypto funds, they also introduced a rather stricter set of compliance rules for altcoins. This, naturally, rattled confidence and caused a general tightening of the purse strings. 🧐

And, as if that weren’t enough, the broader sentiment index took a dip to a rather neutral 47, reflecting a distinct lack of optimism amongst the trading fraternity.

What’s Next for XRP?

As things stand, XRP is currently bobbing about near $2.80, struggling to maintain its equilibrium above crucial support levels. Technical analysts, a breed I view with a healthy dose of skepticism, suggest that if this selling pressure continues, the token could tumble towards the $2.50-$2.60 zone. Heavens to Betsy!

For the bullish element to regain any sort of control, XRP would require a breakout above $3.10-$3.20. A rather tall order, if you ask me, but one can always live in hope. Though hope, as a wise man once observed, is frequently a dashed one. 🤷

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2025-09-22 10:05