On the fateful day of August 22, XRP made a spectacular plunge of 3.4%, falling to $2.79-its lowest since August 2-giving up its prestigious position as the third-largest cryptocurrency by market capitalization, dropping to a mere $166.9 billion. But hold on, don’t cry just yet, it’s made a small comeback.
XRP’s Price Volatility and Market Cap
Ah, yes. The infamous August 22, when XRP continued its downward spiral, plummeting 3.4% to $2.79, marking a new low since August 2. This small catastrophe pushed XRP to temporarily relinquish its title as the third-largest digital currency, with its market cap dropping to $166.9 billion. But wait, before you start planning a funeral, XRP clawed its way back by 9 a.m., holding onto that precious number three spot like a cat clinging to a curtain.
And let’s not forget, this isn’t the first time XRP has dipped below the $2.80 mark in August. It’s like a broken record, except no one’s dancing. It’s been struggling to spark another bull run since its glorious $3.66 high on July 18. After the gut-wrenching drop on August 2, XRP wobbled between $2.90 and $3.30 until August 19. But since then? It’s been stuck below $2.90 like a bad reality show no one wants to watch. On August 22, things didn’t look too hot for our crypto friend.
And the drama doesn’t end there. Oh no, in the 24 hours leading up to this thrilling cliffhanger, $10.5 million in long positions were liquidated, while $805,920 worth of short positions met the same fate. A true massacre in the crypto world.
As if that wasn’t enough to get your heart racing, some die-hard XRP fans are still holding onto hope, predicting the digital asset will miraculously recover and end the year above $4. Because, sure, why not? Even with its recent meltdown, crypto trader Casitrades is singing a more optimistic tune. In a recent post on X (formerly Twitter), Casitrades warned that XRP was at a crucial crossroads. It’s like a plot twist no one saw coming… or maybe everyone saw it coming.
“The structure is starting to look really interesting…” Casitrades mused. “XRP’s reached its .618 retracement ($2.88), which, according to Elliott Wave Theory, is the textbook target for subwave 2. This is the critical level that’ll determine if we’re in for a legit bullish trend or just another fakeout. Seeing XRP hold here is encouraging-especially with BTC hitting its RSI support at the same time!” Ah, the drama of it all!
As per the crystal ball, resistance points to $3.41, which should unfold in five subwaves. By 10 a.m. Eastern, XRP had managed to climb back to $2.99, proving once again that this rollercoaster of a crypto is not ready to bow out just yet.
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2025-08-22 17:34