finbold.com
$XRP has erased more than $11 billion in market value over the past 24 hours amid intensifying selling pressure across the broader cryptocurrency market.
In this regard, the token’s market capitalization dropped from $101 billion to $89.31 billion at press time, marking a sharp $11.6 billion contraction in a single day.
Over the same period, $XRP fell nearly 10% to trade around $1.46, extending its short-term decline after a recent attempt to move above $1.50. The pullback comes as a notable technical warning signal emerges on the daily chart.
This decline fits within broader cryptocurrency market weakness, where Bitcoin (BTC) has failed to hold above the $70,000 level. The latest downturn has been driven by anticipation of key macroeconomic data, including Federal Reserve minutes and inflation reports.
Meanwhile, the main catalyst for $XRP’s sharper drop appears to be a massive sell-off on the South Korean exchange Upbit, where approximately $50 million worth of $XRP was offloaded.
This triggered heavy selling pressure, halted a recent rebound attempt, and pushed the price to a two-day low near $1.46.
Data indicates that most of the activity reflected genuine sales rather than wash trading. $XRP had been attempting a recovery earlier in the week, rising from February lows and briefly surging 11–20% in prior sessions amid signs of accumulation, such as reduced Binance reserves.
$XRP’s woprrying technical outlook
From a technical analysis perspective, there are concerns that the asset might see further losses. Analysis shared by Ali Martinez in an X post on February 5 pointed to the formation of a gravestone doji near the $1.50 level.
This candlestick pattern forms when price rallies strongly during a session but then reverses and closes near its opening level, leaving a long upper wick. Technically, it often signals bullish exhaustion, meaning buying momentum may be fading as sellers begin to regain control.
When such a pattern appears after an upward move, it can indicate an increased risk of a short-term reversal, particularly if followed by continued downside in subsequent sessions.
With $XRP now trading around $1.46, the $1.50 zone may act as near-term resistance, while the $1.40 area stands out as immediate support.
A sustained break below support could open the door to further losses, whereas a decisive move back above recent highs would be needed to invalidate the bearish signal and restore bullish momentum.
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