XRP erases $6 billion in a day amid crypto market slide

XRP has taken a sharp hit in the latest crypto market downturn, sliding over 4% in the past 24 hours to trade at $2.18, down from $2.28. The steep drop comes as part of a broader sell-off across digital assets.

XRP’s market capitalization has fallen from around $134–135 billion to $128.21 billion, wiping out roughly $6 billion in just a single day, according to CoinMarketCap data on May 30.

Zooming out to the weekly chart, the picture looks even more painful. The token has shed over 10% in the last seven days after briefly climbing as high as $2.44. Over the past week alone, XRP’s market cap has plunged by $15 billion.

XRP price analysis

Despite this short-term turbulence, XRP is still up an impressive 320% over the last 12 months and continues to trade well above its 200-day simple moving average, a sign that its long-term uptrend may remain intact. However, recent price action highlights increasing volatility. Only 13 out of the past 30 days have closed in the green, indicating a win rate of just 43%.

Technical traders are now watching two key levels: support appears to be forming around the $2.10–$2.15 zone, while resistance looms overhead near the $2.30 mark.

Whether XRP can stabilize above current support or faces another leg down may depend heavily on broader market sentiment and upcoming macroeconomic catalysts.

Featured image via Shutterstock

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