XRP Price Plunges 6% Amid Bitcoin Slump, $19 Billion Erased from Market Value

XRP Price Plummets 6% as Bitcoin Drop Crushes Bullish Sentiment The price of XRP has dropped sharply by 6% to $2.75 after a massive sell-off triggered by the decline in Bitcoin's value. This sudden downturn has erased over $19 billion from XRP's market value in just seven days, with traders now bracing for a potential test of support at $2.70. Timeline: On September 25, XRP's price surged above $2.90 but collapsed under heavy selling pressure, resulting in a massive volume spike of 277 million. The sudden drop erased over $18 billion from XRP's market value in the past week, breaking below the $3.00 threshold. Immediate Impact: The sharp decline in XRP's price has sent shockwaves through the cryptocurrency market, with traders and investors scrambling to reassess their positions. The collapse of XRP's price above $2.80 has confirmed fresh resistance at this level, leaving many wondering if support at $2.70 will hold. Background Context: XRP's price had been steadily increasing in recent weeks, fueled by growing bullish sentiment and institutional buying. However, the decline in Bitcoin's value has now cast a shadow over the entire cryptocurrency market, with XRP being one of the hardest hit. What Happens Next: As traders and investors wait to see if support at $2.70 will hold, they are closely watching for any signs of recovery or further selling pressure. The next few days will be crucial in determining whether XRP's price will stabilize or continue its downward trend. *This story is developing. Information compiled from Coindesk reporting.*