XRP Price News: Plunges 5% as Bitcoin Falls Under $93,000

XRP dropped 5% following a dip in Bitcoin's price below $93,000, triggering wider bearish sentiment across the crypto markets. The price of XRP fell from a high of $2.30 as profit-taking became predominant, confirming strong resistance levels. This sell-off was amplified by a significant increase in institutional trading volume, revealing a challenging environment for bullish momentum. The first U.S. spot XRP ETF had launched promisingly with $58.6 million in opening-day volume but struggled to maintain upward movement in the market. Liquidations in the derivatives market showed $28 million worth of XRP positions closed within a day, predominantly from long positions. Analysts stress the importance of price levels around $2.20, as holding above may allow another surge towards $2.30-$2.40, while failing could lead to declines to $2.02-$1.98. The overall sentiment remains cautious as traders navigate supply zones and react to changing market conditions.

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