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Home»Market»Dogecoin and XRP plunge as investors fear massive sell-off!
Market

Dogecoin and XRP plunge as investors fear massive sell-off!

October 24, 2024No Comments2 Mins Read
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The global crypto market cap saw a sudden drop in value from $2.32 trillion to $2.29 trillion, a 1.58% drop overnight. This comes after Bitcoin ETFs in the United States saw their first outflow in seven days, with the price of Bitcoin holding around $66.5k.

Meanwhile, among the biggest losers, Dogecoin (DOGE) and XRP (XRP) were in the lead, with DOGE falling 5% and XRP falling 10%. This drop has worried investors, raising fears that these coins could soon experience a significant crash.

Key Dogecoin Level to Watch

The price of Dogecoin (Doge) has fallen almost 5% over the past week and trading with whales has slowed over the past two days. However, data from IntoTheBlock suggests that a slowdown in whale trading may portend a possible decline in the price of Dogecoin.

Recently, Doge broke out of a long downtrend and reached a high of $0.1364. However, this price surge may soon lead to a correction. Experts predict that Dogecoin could fall by around 11.79%, bringing the price down to around $0.1171.

The key support level to watch is $0.1139, which will be important if the price continues to decline.

XRP struggles continue

Another cryptocurrency that suffered a significant loss is XRP, which saw a decline of almost 10.35% over the past month. To add to the concerns, the profit percentage of XRP coins fell from 79% on October 21 to just 74% on October 23.

This decline indicates that more investors are experiencing losses, leading many to sell their XRP to avoid further problems.

Ultimately, Coinglass’ 7-day liquidation chart shows that traders opened $76 million in short positions, compared to just $34 million in long positions. This trend suggests that market sentiment is turning negative for XRP as more traders bet against its price.

  • Also read:
  • Why is Japan missing the crypto ETF wave?
  • ,

Mid-Cap Tokens Suffer Heavy Losses

However, mid- and low-cap tokens are not doing well either. Smaller tokens like Bonk (BONK) and APE suffered significant losses, each falling more than 7%.

However, the slowdown in stablecoin issuance also adds to the difficulties of Bitcoin and other cryptocurrencies, causing uncertainty in the market.



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Previous ArticleDeFi Token WallitIQ (WLTQ) Tops DOGE’s 36,000% Price Increase from 2021
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