XRP Plunges 12% as Crypto Market Loses $1 Trillion

Crypto Market Plunges, Losing $1 Trillion in Value

This week has begun disastrously for the cryptocurrency market, with numerous tokens suffering double-digit losses.

Notable Declines:

• XRP: 12% drop to an intraday low of $2.07
• Dogecoin (DOGE): 10.6% decline
• Cardano (ADA): 13.4% loss

Bitcoin's Slight Loss:

Bitcoin (BTC), the leading cryptocurrency, has only declined by 2.6% after briefly regaining the $100,000 mark on Monday.

Market Meltdown:

The cryptocurrency market is poised to experience its worst day in four months, with approximately $1 trillion being erased in value.

Liquidations Surge:

According to CoinGlass, $1.76 billion in crypto was liquidated in the past 24 hours. Long positions accounted for $1.58 billion of that total.

Notable Liquidations:

• Binance: $756.26 million in liquidations, the largest share
• Ethereum: $223 million in long liquidations, surpassing Bitcoin's $148 million
• Solana, Dogecoin, and XRP also among the top five in liquidations

Trader's Big Loss:

One trader lost $19.69 million on a single ETH/USDT order on Binance today.

Crypto Analytics Forecast:

Santimentsaid suggests that if retail traders react with fear and start selling, assets like TRX, AVAX, DOT, ICP, POL, FIL, and TIA may experience a swift rebound.