## Introduction
The cryptocurrency market recently experienced a significant downturn, resulting in XRP’s price plummeting today. This article delves into the reasons behind the XRP crash and the impact it had on the market.
### XRP Price Plunge Explained
In the last 24 hours, the crypto market witnessed substantial liquidations totaling $657 million. Notably, Bitcoin, Ethereum, and XRP prices depreciated by 3.89%, 4.20%, and 6.49%, respectively. This decline was exacerbated by Bitcoin’s rejection at a crucial technical level, triggering a sell-off across the board.
### Crypto Market Analysis
#### XRP’s Correlation with BTC
XRP, known for its high correlation with Bitcoin, mirrored BTC’s downward trajectory today. As a result, XRP Open Interest (OI) plummeted by $140 million within 17 hours, as reported by VeloData. The significant reduction in OI suggests the removal of overleveraged positions, paving the way for a potential buying opportunity amidst the market turmoil.
### Impact on XRP Long Liquidations
Within the span of 12 hours, a 7% decline in XRP’s price led to approximately $23 million worth of long positions being liquidated. This abrupt drop disrupted XRP’s 18-day range tightening cycle, causing it to form lower highs and lower lows. Notably, a falling wedge pattern emerged when connecting the trend lines with swing points, a pattern known to signal potential…
—
**Read more at [Coingape.com](URL)**
## Conclusion
The XRP crash today highlighted the interconnectedness of cryptocurrencies, with XRP closely following Bitcoin’s price movements. The market turbulence resulted in liquidations and a shift in XRP’s price trajectory, emphasizing the need for caution and strategic decision-making in the volatile crypto landscape.