February 5 News, XRP experienced a sharp sell-off on Thursday, dropping about 10% within 24 hours. The latest price approached $1.43, hitting a new low since November 2024. As the key support at $1.60 was broken, concerns about further declines to $1.40 or even $1.20 intensified. Over the past week, XRP has fallen approximately 20%, with nearly a 40% decline over the past month, while trading volume increased to $5.04 billion, indicating that panic selling is accelerating.
From a macro perspective, the entire crypto asset sector is undergoing a deep correction. Daily liquidation amounts reached about $770 million, mostly from long positions. The Fear and Greed Index dropped to 11, reflecting extreme caution in market sentiment. Meanwhile, the global crypto market cap fell back to $2.42 trillion, as external economic uncertainties prompted funds to shift into defensive assets.
The derivatives market is also under pressure. Open interest in XRP-related contracts declined to multi-month lows, with speculative demand noticeably cooling. Bitcoin and Ethereum also weakened simultaneously, further undermining overall confidence in mainstream coins. In the US, the Federal Reserve maintained interest rates, and news of Trump nominating Kevin Warsh to replace Powell further transmitted tension from traditional markets to the digital asset space.
Technical indicators also do not signal a clear reversal to strength. The MACD remains below the zero line, and the RSI has fallen to 22, indicating that while a short-term rebound is possible, the overall trend remains weak. The current $1.40 is a critical support level; if broken, $1.20 could become the next target zone. On the upside, XRP needs to regain above $1.60 to ease the bearish pressure.
In the context of multiple negative factors, XRP’s short-term recovery still faces tests. When the market stabilizes will still depend on overall sentiment and the pace of capital inflows.
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