The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
The information provided on EL7.AI is for educational and informational purposes only and does not constitute financial advice.
Amid a wave of panic sweeping digital asset markets, traders are facing intense selling pressure that is redrawing technical support maps for major tokens. According to reports, XRP price dropped sharply to test a key support level at $1.10, coinciding with a massive broad market liquidation totaling $1.7 billion. This move was accompanied by a 56% surge in XRP trading volumes, reaching approximately $3.4 billion within 24 hours, reflecting the intensifying exit from long positions.
This sharp decline deepens the token's losses, with XRP recording a 33% year-to-date decline following the latest sell-off wave. In comparison to broader market performance, price data shows a collective retreat including Bitcoin and Ethereum, as the market erases most of its first-quarter gains. Per market data, the current liquidation volume is among the largest this year, placing additional strain on altcoins that suffer from deeper liquidity gaps compared to flagship assets.
Sign in to access this content
Sign InRegarding current market levels, XRP stood at $1.10 and Bitcoin at lower support zones (close June 4, 2026). Investors should monitor price stability above the current support level to avoid further slippage, while watching for the Fed's Kashkari speech on May 29 (per the economic calendar), which may dictate global liquidity trends and risk appetite across financial markets.
Update: Positive sentiment for XRP has been bolstered by the announcement from XRP Ledger Operations regarding an upcoming mainnet upgrade to version 3.2.0. This technical milestone is expected to enhance network efficiency, providing fundamental support alongside the technical factors driving the price recovery outlook.