In the past few hours, the cryptocurrency market faced significant drops, and XRP was no exception, reaching a weekly low.
Overview of XRP's Drop
XRP, which previously hit $3.3, plummeted to $3.0, leading to significant losses for traders estimated at over $60 million. Currently, XRP trades around $3.1 but has dropped more than 5.5% over the last 24 hours.
Factors Behind the Price Decline
The drop in XRP's price was influenced by the US government's announcement regarding the rise in wholesale inflation, which increased by the highest percentage since June 2022. This event negatively affected trader sentiment and led to intensified selling pressure.
Impact on Traders
Data from CoinGlass indicates that XRP traders have incurred losses exceeding $60 million in the past 24 hours, with over 92% of that attributed to long positions. The total value of liquidations in the crypto market has surpassed $1 billion, with ETH and BTC leading.
The sharp decline of XRP and other liquidations across the market highlight the volatility and risks faced by traders in the cryptocurrency space.
