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Title: XRP, SOL, ADA in Deep Red as Crypto Market Experiences 1,078% Liquidation
The cryptocurrency market has taken a drastic turn for the worse, with several major coins plummeting to new lows. Ripple (XRP), Solana (SOL), and Cardano (ADA) are among the worst-hit assets, all of which have experienced significant declines over the past few days.
As of press time, XRP was trading at $0.545, down a staggering 13.41% in the last 24 hours. This marks a sharp reversal from its previous support level around $0.60 and indicates potential further downside risk for the asset. The current bearish movement is part of a larger descending triangle pattern on the daily chart, suggesting sustained selling pressure.
Solana’s SOL token has also been impacted by this sell-off, with a 14% decline over the same period to reach $101.12. This represents a 64% drop from its all-time high and underscores the severity of the current bearish sentiment. The formation of a head-and-shoulders pattern on the daily chart adds credence to this pessimistic outlook.
Cardano’s ADA is also under pressure, with a 13% fall in the last 24 hours to $0.51. This is part of an ongoing sell-off that began earlier this year and has yet to show signs of reversal. A breakdown below its 50-day simple moving average (SMA), now at $0.47, would further confirm this downward trajectory.
The sheer scale of the current liquidation can be seen in the statistics: a whopping 1,078% increase in 24-hour liquidations, indicating a catastrophic failure in investor sentiment and overall market confidence.
Source: https://u.today/xrp-sol-ada-in-deep-red-as-crypto-market-experiences-1078-liquidation
