XRP's price has taken a significant hit today, driven by a wave of liquidations and a shift in investor sentiment. The cryptocurrency market is experiencing a $1.2 billion liquidation event, with XRP, along with other major cryptocurrencies like DOGE and ADA, recording substantial losses. This liquidation tsunami has put considerable pressure on XRP bulls, leading to a sharp decline in its price. The market's volatility is further exacerbated by traders moving away from XRP and Solana in favor of new altcoins like Rollblock, which is gaining traction with its presale success.
Adding to the downward pressure, the broader crypto market is facing challenges as spot Bitcoin ETFs see record withdrawals, indicating a waning short-term demand. This trend is mirrored in the derivatives market, where the CME futures premium has dropped, suggesting a decrease in cash-and-carry arbitrage opportunities. The overall bearish sentiment in the market is contributing to XRP's struggles, as investors reassess their positions amid the current market conditions.
XRP's price has fallen by 6.34% today, reaching a low of $2.105664.