It’s another painful day in the cryptocurrency markets, especially for the altcoins. Ethereum, which traded at roughly $1,800 just over a week ago, tumbled toward $1,500, but it’s yet to break its negative June record, at least for now.
In contrast, Ripple’s XRP has been at the forefront of the latest declines. The token plunged to just over $1.00 minutes ago, which became its lowest price tag since late 2024.
Analysts, even those who have been predominantly bullish on XRP’s future price trajectory, have warned that the asset could unravel if it decisively loses the psychologically important $1.00 level.
CasiTrades, for example, warned that the token could drop to a low of $0.87 before it rebounds. Ali Martinez was even more bearish, outlining targets of below $0.70 and all the way down to $0.15 in a very extreme scenario.
Many other altcoins have posted similar losses in the past hour alone. SOL is down by over 3.5%, ZEC has plunged by 4%, while ADA is close to breaking below $0.14 after a 3.7% drop.
Naturally, the liquidations have skyrocketed given this enhanced volatility, especially since BTC broke below $59,000 and plummeted to $58,000.
Expectedly, BTC is responsible for the lion’s share. Over $320 million worth of longs have been wiped out in the past hour alone. ETH follows suit with nearly $140 million, while XRP is third with just over $40 million – all from longs.
In total, the liquidations are up to $630 million in the past hour, and $600 million is from longs. The total value for the past day is $1.5 billion, with $1.22 billion from longs.
Source: CryptoPotato
