The crypto market extended its sell-off over the weekend, with major crypto assets, including XRP, experiencing substantial declines.
According to CoinGlass data, 264,608 traders have been liquidated for a total of $687 million in the cryptocurrency derivatives market in the last 24 hours. Bullish longs, or traders betting on price increases, accounted for $610 million of this total, while short liquidation rose to $76 million. Bitcoin’s price fell, with altcoins taking a hit as traders weighed macroeconomic concerns.
XRP wasn’t exempt from the bearish pressure in the market, hitting lows of $2.08 in the early Saturday session.
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Over the past 24 hours, XRP has seen $3.45 billion in trading volume, a 3% increase per CoinMarketCap amid the crypto market volatility. XRP was also trailing Bitcoin and Ethereum in volumes on major crypto exchange Coinbase, per recent market data. Despite this, the XRP price is facing downward pressure, just like the rest of the markets, having marked three consecutive days of decline since May 27.
Not yet enough
At the time of writing, XRP was down 1.78% in the last 24 hours to $2.14, slightly recouping intraday losses, having fallen to $2.08 earlier in the session.
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Amid the sell-off, XRP fell below its daily simple moving average (SMA) of 50 and 200 at $2.25 and $2.3, respectively, for the first time in weeks, indicating that bearish momentum has strengthened. The decline surprisingly follows reports of rising demand for XRP as a corporate treasury asset.
According to reports, renewable energy provider VivoPower is raising $121 million to establish an XRP-focused treasury reserve, a first for a publicly traded firm. In separate news, China-based Webus International will raise $300 million in capital to launch an XRP strategic reserve.
Analysts are keeping an eye on the daily SMA 50 at $2.25, which might determine whether XRP will consolidate further or fall lower.