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XRP, one of the top altcoins by market cap, slipped to an intraday low of $2.96 earlier this Monday.
The token has hit its lowest level since Aug. 6 as bulls struggle to regain their momentum.
CoinGecko data shows that XRP is currently the second worst-performing token in the top 10 with a 24-hour drop of more than 4%. Only Solana (SOL) has underperformed it, plunging by as much as 5%.
The entire cryptocurrency market is currently under substantial selling pressure, with Bitcoin also taking a significant hit.
Longs getting wiped out
Earlier this Friday, the top cryptocurrency came awfully close to dropping below the $115,000 level, registering an intraday low of $115,059.
According to CoinGlass, a whopping $464.70 million worth of crypto has been liquidated over the past 24 hours. Long positions account for the lion's share of this wipeout ($380 million).
Key level to hold
As reported by U.Today, $2.81 is viewed as the crucial level for the leading cryptocurrency to hold since roughly 1.7 billion tokens had been accumulated there.
XRP is currently changing hands at $2.98 on the Bitstamp exchange.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team