Crypto Meltdown 📉
XRP, that once-proud fourth largest cryptocurrency, has gone belly up 🚽, falling below $2 for the first time in what feels like forever. The whole crypto market is in a freefall, folks, triggered by a bloodbath of epic proportions – a whopping $952 million in liquidations over the last 24 hours 💸💸💸.
It ain’t just XRP feeling the pain, my friends. Bitcoin, Ethereum, the whole gang – they’re all taking a nosedive 🪂. XRP dropped like a stone, losing as much as 12%, plummeting below the crucial $2 level. The market’s feeling more bearish than a grumpy badger 🐻.
But hold on! At the time of writing, XRP managed to clamber back up to the $2 mark after flirting with the depths of $1.95 earlier today. The last time XRP dipped below $2 was back on February 3rd, a quaint time when memes were still funny 😅. Right now, it’s down a cool 8.35% in the last 24 hours, sitting at $2.04.
XRP’s daily SMA 50 support at $2.72 went kaput💥 as it extended its slide from February 20th. Currently, it’s consolidating between its daily moving averages of 50 and 200 at $2.723 and $1.50, respectively.
If XRP wants to get back in the game, it needs to reclaim that daily SMA 50 at $2.72. That’s like its inner Beyoncé, the one that knows how to werk it 👑. If the selling pressure keeps up, though, the next major support levels at $1.72 and the daily SMA 200 at $1.50 could be tested. But hey, maybe the bulls will roar back to life and we’ll see a rebound 🐂. A crypto miracle never hurts, right?
Crypto market sees sell-off
The crypto world went into a tailspin on Friday, with investors waiting with bated breath for the latest inflation reading – the PCE report, the Fed’s favorite measure of inflation. This is the kind of data that makes the Fed decide whether to cut interest rates, and everyone is watching 👀. The Fed’s next meeting is set for March 18-19, so the suspense is killing us!
Well, almost everyone. Stablecoins were chillin’ 😎, but every other crypto in the top 100 was down, some even losing up to 15%. Bitcoin (BTC) took a hit, falling 8% below $79,000, its lowest point since November. BTC has lost about 30% from its January high of over $109,000. Ouch! And XRP? It sustained even bigger losses, down a whopping 24% this week.
The overall crypto market cap took a nosedive, declining 6.6
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2025-02-28 15:42