XRP slides 7% as rapid selling breaks major $1.79 support
XRP dropped nearly 7% to near $1.75 after a broad crypto sell-off liquidated over $70 million in long positions, breaking the key $1.79 support level.Summary
The XRP token experienced a sharp decline of about 6.7%, trading near $1.75, driven by a wider cryptocurrency sell-off led by Bitcoin rather than news specific to XRP. This rapid selling triggered significant liquidations, with over $70 million in XRP futures, mostly long positions, being wiped out as the price decisively broke below the major support level of $1.79 on exceptionally high volume, confirming institutional involvement.
Technically, the breakdown below $1.79 initiated a cascade toward a session low near $1.74. Traders are now watching the $1.74–$1.75 zone as critical near-term support. For the downside risk to be neutralized, XRP must reclaim the former support zone of $1.79–$1.82, which has now become resistance. A failure to hold $1.74 could open the door for further declines toward $1.72 and $1.70.
(Source：CoinDesk)