XRP Market Cap Drops by $1 Billion Amid Cryptocurrency Sell-Off
XRP, the sixth-largest cryptocurrency by market capitalization, has suffered a significant drop in value, losing over $1 billion in just a few days. Despite efforts to increase liquidity by unlocking 1 billion XRP from Ripple’s escrow system and re-locking 80% into two escrows, the market cap has decreased from $26.58 billion to $24.98 billion.
The current support level for XRP stands at $0.485051, while the strongest resistance is at $0.514243. The decline in value came shortly after Ripple released one billion XRP from its escrow system on September 1. However, on September 5, the company relocked 800 million XRP into two different escrows, keeping 200 million for itself, which could potentially impact the token’s price in the short term.
Hot Take: XRP Faces Losses Amidst Ongoing Crypto Sell-Off
As the wider cryptocurrency market experiences a sell-off, XRP has not been spared. Despite efforts to boost liquidity, XRP’s market capitalization has dropped by over $1 billion in just a few days. The release and subsequent re-locking of XRP tokens from Ripple’s escrow system has seemingly failed to stabilize the token’s value. With support levels at $0.485051 and resistance at $0.514243, XRP faces an uncertain future. As the crypto market remains unpredictable, investors should exercise caution and consider the speculative nature of their investments.
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