The price of XRP (CRYPTO: $XRP) has fallen 6% in the past 24 hours and dropped to $2.75 U.S. amid heavy global selling of digital assets.
The ongoing decline has erased more than $18 billion U.S. in market value from XRP over the past week.
The drop in XRP’s price comes amid a broader decline in cryptocurrencies that includes market leaders %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH).
In the past 24 hours, the cryptocurrency market has seen more than $1 billion U.S. in liquidations as investors get more defensive and sell digital assets as the third quarter ends.
Analysts say XRP appears to be experiencing resistance at $2.80 U.S., leaving traders bracing for a test of support at the $2.70 U.S. price level.
The slide in XRP also comes despite the U.S. Securities and Exchange Commission’s (SEC) recent approval of the first U.S. XRP exchange-traded fund (ETF).
Analysts say more declines in XRP should be expected after the cryptocurrency’s price broke below the $3 U.S. psychological threshold.
The price of XRP has fallen 10% in the past week, although it remans up 33% on the year.
