After a stunning July run that XRP’s market cap surging past $210 billion, the rally has abruptly reversed. As of July 24, XRP’s total market capitalization has slipped to $185.75 billion, marking an 11.55% drop in just two days. The question now is, was this just a breather, or the start of something bigger?
Why Did XRP Drop So Hard?
The recent plunge appears to be a classic case of the market catching its breath. After a blistering rally that sent XRP’s market cap soaring, traders didn’t need much of a reason to start locking in gains. The token had climbed aggressively over the past few weeks, and some short-term holders likely felt it was time to cash out.
According to reports, some larger wallets started reducing their holdings, which increased the pressure and set off a series of sell orders. The momentum quickly cooled off since there was no new headline to keep the rally continuing. In just two days, it was sufficient to wipe out approximately $24 billion in value, even if it wasn’t panic selling.
XRP Price Outlook: Can the Bulls Regroup?
- current price: $0.5806
- Day low: $0.5579
- Resistance zones: $0.6130, then $0.6540
- Support zones: $0.5650, then $0.5280
- Price dropped sharply below $0.6000, breaking prior demand area
- $0.5650 is acting as a short-term cushion, holding for now
- A clean break below $0.5650 could expose $0.5280 as next key support
Final Take
XRP’s sharp 11.55% drop is making waves across the crypto space, but there’s no need for alarm bells just yet. The coin had run hot, and this kind of retracement isn’t unusual after vertical moves. As long as the broader trend holds and buyers step in near support, the bulls may get another shot soon.
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