XRP Extends Losses, Tapping Key Support Level

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Sun, 02/28/2021 - 08:59
Alex Dovbnya
The cryptocurrency market extends its sell-off, erasing billions
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Ripple-affiliated cryptocurrency XRP dropped nearly eight percent earlier today to an intraday low of $0.403.    

This is the lowest level the beleaguered token has touched since Feb. 23.  

XRP has once again tapped its pivotal support on the hourly chart, but it has so far managed to hold it. 

Image by @100eyesCrypto

After making plenty of noise with its manipulated pump-and-dump campaign at the beginning of February, the token is now poised to finish this month down nearly 16 percent.   

As reported by U.Today, XRP spiked 20 percent in one day on Feb. 22, the day Ripple had its first pre-trial conference with the U.S. Securities and Exchange Commission. The rally proved to be very short-lived. XRP tanked over 35 percent the following day before clawing back some of its losses.

Related
XRP Pushed Down to 7th Spot by Binance Coin as Ethereum Prints Record High

A broad market sell-off

XRP’s most recent plunge hardly makes it an outlier. Presently, the whole market is in the middle of a sharp sell-off, with Bitcoin (BTC) dipping to as low as $43,782 earlier today. 

Ethereum (ETH) is currently the biggest laggard in the top ten, closely followed by Litecoin (LTC). 

Over $664 million worth of cryptocurrencies has been liquidated over the past 24 hours, according to Bybt data.

                                                           
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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