XRP Plunges 10% – Bears Take Control of the Crypto Market

Weak Market Sentiment Pushes XRP Down as Bitcoin and Ethereum Also Decline

XRP faced significant selling pressure on Sunday, recording a sharp 10.28% daily loss. According to Investing.com, the cryptocurrency was trading at $2.1065 at 18:57 (17:57 GMT), marking its biggest percentage drop since March 3.

This steep decline dragged XRP’s market capitalization down to $124.75 billion, accounting for 4.62% of the total cryptocurrency market. For comparison, XRP’s peak market cap stood at $190.39 billion.

Over the past 24 hours, XRP fluctuated between a low of $2.1059 and a high of $2.3505. The past week has been particularly rough, with the digital asset losing 27.14% of its value. During this period, its average trading volume reached $4.55 billion, representing 7.04% of the total crypto trading volume.

Currently, XRP is trading 37.96% below its all-time high of $3.40, which was recorded on January 16.

Bitcoin and Ethereum Also Under Pressure

XRP isn’t the only cryptocurrency struggling. Bitcoin and Ethereum have also taken a hit amid the broader market downturn.

Bitcoin was last trading at $82,322.7, down 4.26%. Meanwhile, Ethereum saw an even steeper decline, dropping 8.26% to $2,022.32.

Bitcoin’s market capitalization currently stands at $1.64 trillion, making up 60.62% of the total crypto market. Ethereum’s market cap is at $245.42 billion, accounting for 9.10% of the overall market.

With bearish sentiment dominating the crypto space, investors remain cautious. Whether the market will soon recover or continue its downward trend remains uncertain.