Selling Pressure Kicks Off Strong for XRP, $6 Billion Exits Market

A handful of altcoins, including XRP , the fourth-largest cryptocurrency by market cap, ended the past week on a bearish note. XRP bulls appear to have taken the back seat as selling pressure intensified, causing XRP’s market cap to take a massive hit. The altcoin saw its market cap take a hit as $6 billion exited the XRP market, according to data from CoinMarketCap. XRP’s market cap is currently at $129 billion, as the broader crypto market continues to decline. Over the last week, XRP’s market value dropped by a whopping $15 billion, signaling an extended bearish takeover. Similarly, XRP’s price value has significantly declined, resulting in a retest of previous support levels. XRP has dropped by 4% over the last 24 hours, a move that suggests continued weakness. At report time, 7-day losses totaled 9.11%. Failing to sustain the recently attained bullish momentum has resulted in a total wipeout of gains achieved over the last 30 days. While XRP bulls have retained 10% of their gains from the last 90 days, a further decline in market value will pose a major threat to the asset. At the time of this report, XRP is trading at a press time price of $2.20. With support forming around the $2.10 to $2.15 range, XRP remains critical this week as the possibility for revisiting lower lows heightens. Meanwhile, resistance is forming around the $2.30 level, and an upward correction could mark a price recovery for XRP. It bears mentioning that the broader cryptocurrency market is trading in the red zone. The leading cryptocurrency, Bitcoin, has sunk 6.95% from its recently attained all-time high of $111,970. Bitcoin is trading at $104,734 at report time following a 2.15% decline in global market cap value.