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XRP, the fourth largest cryptocurrency by market capitalization, plunged as much as 16% in today's trading session, as the broader crypto market decline accelerated on Friday.
XRP temporarily dipped below $2, reaching an intraday low of $1.95. Cryptocurrencies fell this week as prospects for looser U.S. monetary policy dampened speculative zeal. Bitcoin plummeted to a low of $92,115 in Friday's session.
The decline hit heavily on alternative cryptocurrencies, or altcoins; the crypto market capitalization has dropped 9.35% in the last 24 hours, one of the largest single-day drops this year.
According to CoinGlass data, cryptocurrency liquidations in the last 24 hours totaled $1.4 billion, with bullish bets accounting for the bulk ($1.2 billion). XRP accounted for $42.55 million of this total figure.
Amid the market rout, XRP likewise declined until its price hit support at $1.95, where it sharply rebounded. In the process, XRP quickly recovered past $2, marking a 4% surge within just one hour. This rise has led to $2.04 million short positions liquidated in the last hour alone; XRP longs accounted for $220,400 alone out of a total of $2.26 million liquidations seen.
At the time of writing, XRP was trading at $2.14, albeit down 7.77% in the last 24 hours. Going forward, holding the $2 level might be crucial for XRP’s short-term trajectory. If this level holds, XRP could potentially aim for higher levels in the coming sessions. In this case, eyes might be on the $3 mark.
XRP Ledger programmability
Mayukha Vadari, a software developer at Ripple X, provided a brief update on Ripple's progress on its XRPL programmability proposal.
Earlier in the year, Ripple indicated it was bringing programmability to the XRP Ledger in 2025.
Vadari indicated in a tweet that the discovery phase of the programmability proposal is about to conclude, with some smart contract systems such as Hooks, EVM, MoveVM, Soroban and several others researched.
Vadari indicated that some (very early) draft specs have been made, while work is being done on getting feedback on these specs, both internally within Ripple and externally.