XRP Price News: Ripple Plunges 40% Before Recovering to $2.20

XRP experienced a sharp decline of up to 42%, marking its largest one-day drop in recent years. The cryptocurrency fell from $2.82 to a low of $1.64 before recovering slightly to around $2.36. This selloff was attributed to significant liquidations and a $150 million decrease in institutional futures open interest, indicating a forced deleveraging among traders. Trading volumes surged 164% above the 30-day average during this tumultuous period, and whale distribution pressure was evident with 320 million XRP transferred to exchange wallets over the past week. Market dynamics were influenced by global trade tensions and regulatory risks following the expiration of a National Trust charter deadline. Despite the downturn, long-term holders have been accumulating XRP below $2.40, suggesting a potential for recovery as prices stabilize around the $2.30 to $2.40 range, with key resistance levels at $2.84-$2.90. Traders are now focused on whether sufficient support can be established to encourage further growth in the wake of this volatility.

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