The cryptocurrency market is once again in a dire state, with bitcoin dumping from over $81,000 a week ago to a multi-month low of under $73,000 yesterday. Today\u2019s rebound attempt has seen little success.<\/p>\n
While essentially all major assets are down since their explosive rallies after the midterm elections last Wednesday, Ripple\u2019s cross-border token has taken the correction harder than most.<\/p>\n
Current data from CoinMarketCap shows that BTC\u2019s weekly declines stand at just over 5%, while ETH has tanked<\/a> by nearly 10%. SOL is down by a similar percentage to ETH, while HYPE has plummeted by 14.6%. Ripple\u2019s XRP, though, has shed 17% of its value, dropping to $1.06 as of press time. Moreover, the asset slumped to $1.03 yesterday, which brought its losses to over 23% at one point. XRP has lost the fifth position in terms of market cap to USDC as a result.<\/p>\n Popular crypto analyst EGRAG CRYPTO flagged<\/a> this underperformance by XRP and outlined why he believes the token has fallen much harder than most larger-cap digital assets. He attributed 20% of the blame to OG wallets disposing of their holdings, commenting, \u201cearly holders potentially taking profits and rotating into other coins.\u201d<\/p>\n 30% of the blame went to leverage flush: \u201cLong liquidations and weak buying demand accelerating the crash.\u201d The remaining 50% was attributed to market manipulation, though. EGRAG argued that major players are deliberately hunting liquidity at lower levels to \u201cshake out weak hands.\u201d<\/p>\n He admitted that these are his personal estimates, and outlined $1.00-$1.04 as the critical stabilization zone that XRP has to maintain to potentially reverse its trajectory. If it does, then he predicted a surge to the $1.15-$1.25 cluster, which XRP must reclaim to stage a more notable recovery.<\/p>\n CryptoPotato<\/em> reported<\/a> on Monday morning that the spot XRP ETFs basically turned into a ghost town during the previous business week, with demand disappearing in four out of the five trading days. The landscape worsened on November 9 and 10 as investors started pulling funds out of the ETFs.<\/p>\n Monday was particularly painful, with $10.42 million leaving the financial vehicle; the most since May 9. Tuesday saw another $7.62 million in net outflows, bringing the total to over $18 million in just two days. The cumulative net inflows have dropped from ATH levels of $1.81 billion to $1.79 billion.<\/p>\n The post Why Has XRP Plunged Harder Than Most? Analyst Blames Manipulation<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The cryptocurrency market is once again in a dire state, with bitcoin dumping from over $81,000 a week ago to a multi-month low of under $73,000 yesterday. Today\u2019s rebound attempt has seen little success. While essentially all major assets are down since their explosive rallies after the midterm elections last Wednesday, Ripple\u2019s cross-border token has […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-250093","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/250093"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=250093"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/250093\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=250093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=250093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=250093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}XRP ETFs Bleed<\/h2>\n