XRP lost over $2 billion in market capitalization in the last 24 hours for each data obtained by Finbold. coinmarketcap.
To be more precise, the token had reduced its market capitalization to $1002.8 billion from $121.8 billion on April 6 by press time on Monday, April 7th.
Additionally, XRP’s market capitalization occurred when trading volumes increased significantly.
Meanwhile, the Securities and Exchange Commission has announced that Ripplev. He is oddly silent about the final resolution of the SEC case. It is not a clear bear signal, but it is noteworthy that in previous instances the committee officially removed the lawsuit shortly after a similar announcement.
Losses may not stop too – the range’s cryptocurrency market lost $300 billion over the weekend, and XRP’s network activity collapsed by 65%, according to on-chain data.
XRP Price Action and Technical Analysis
By press time on April 7th, XRP had changed hands at a price of $1.78, dropping by 14.96% on daily charts, and an annual (YTD) loss increased by 14.21%.
Previous outperformance of the asset makes it a major target for current sharp revisions. Although there are no greater losses than Bitcoin (BTC), which is currently red at 18.28%, XRP is currently down above the S&P 500, down 13.54% on a 13.54% (YTD) basis.
Technical analysis is quite rigorous. With the move below $2, Price Action may have confirmed the head and shoulder patterns shared by chart researcher Ali Martinez on the April 4th X-Post. If the pattern is legal, it could drop to as low as $1.30 in tokens.
Featured Images via ShutterStock
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