As an analyst with over a decade of experience in the financial markets, I’ve seen my fair share of market turbulence. Today’s crypto market decline is reminiscent of a rollercoaster ride, with XRP taking a significant hit. The plunge below $2 was a stark reminder of the volatility that characterizes this space.
In simpler terms, during today’s trading, XRP, which is the fourth biggest digital currency in terms of market value, dropped approximately 16%. This downward trend in XRP’s price comes as the overall cryptocurrency market experienced a faster fall on Friday.
For a moment, XRP dropped beneath the $2 mark, hitting an interim minimum of $1.95. This week, many cryptocurrencies saw a decline as reduced expectations for U.S. monetary tightening curbed investor enthusiasm. On Friday alone, Bitcoin took a significant hit, bottoming out at $92,115 in its trading session.
The impact was significant on various digital currencies other than Bitcoin; the total value of all cryptocurrencies has decreased by approximately 9.35% over the past day, marking one of the biggest daily declines seen in 2021.
As per the data from CoinGlass, the aggregate value of cryptocurrency liquidations over the past 24 hours reached approximately $1.4 billion. Out of this sum, positions taken with a bullish outlook contributed about $1.2 billion. Among these, XRP made up around $42.55 million of the total amount.
Amidst the market’s tumultuous slide, I found myself watching as XRP followed suit, plummeting until it hit a support level at approximately $1.95. However, this downturn was short-lived as XRP experienced a swift recovery, surging past the $2 mark within an hour – a 4% increase. This rapid rise resulted in a staggering $2.04 million worth of short positions being liquidated in the last hour alone, with long positions on XRP accounting for around $220,400 out of the total $2.26 million worth of liquidations observed during this timeframe.
Currently, at the point of composition, XRP was being exchanged at approximately $2.14. However, it has decreased by 7.77% over the past 24 hours. For future developments, maintaining the $2 price point could significantly impact XRP’s short-term trend. If this level is sustained, there’s a possibility that XRP might aim for higher prices in upcoming sessions. In such a scenario, attention may shift towards reaching the $3 mark.
XRP Ledger programmability
At Ripple X, where Mayukha Vadari works as a software developer, recently shared a concise summary regarding the advancements in their XRPL programmability project proposal.
Earlier in the year, Ripple indicated it was bringing programmability to the XRP Ledger in 2025.
As an analyst, I’ve just noticed that Vadari has hinted via a tweet that the exploration stage of the programmability proposition is nearing its end. Various smart contract systems like Hooks, EVM, MoveVM, Soroban, and several others have been thoroughly researched during this phase.
Vadari mentioned that preliminary draft specifications have been created, and efforts are underway to gather input on these specifications, not only from within Ripple but also from external sources as well.
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2024-12-20 19:05