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XRP, the cryptocurrency associated with Ripple Labs Inc., is among the top cryptocurrencies faced with high liquidations amid a current market downturn. Data from CoinGlass shows 24.2 million XRP traders have suffered severe liquidations, leaving questions as to what's happening with the digital asset.

The digital assets space witnessed a bloodbath on Monday as Bitcoin's slump toward $50K plunged the global crypto market capitalization to $1.83 trillion – a 15% dip. While fear sentiments dominated the market, Ripple whales grabbed attention with enormous token moves.

Renowned XRP advocate lawyer Fred Rispoli strongly believes that any regulatory concern that may arise from Ripple's launch of the USD-backed stablecoin would create a new lawsuit.

Bitcoin (BTC) has lost over 13% in the past 24 hours and almost 25% over the past week as markets turned bearish following a global stock market crash that also casts a shadow on the crypto markets. BTC tumbled from above $60,000, losing key support levels, and is currently trading around the $52,700 mark.

The recent market downturn has been marked by bears capitalizing on investor anxiety, leading to a sharp decline in the prices of Bitcoin and altcoins, including XRP. Bitcoin, which neared $70,000 last week, is now trading at $52,620.

Ripple's recent launch of a dedicated website for its RLUSD stablecoin has ignited speculation within the XRP community regarding the possible conclusion of the ongoing lawsuit with the SEC.

"Ripple USD will be fully backed by a segregated reserve of cash and cash equivalents and redeemable 1:1 for US dollars," the announcement reads.

At press time, XRP's 200 EMA acted as a crucial support level. $32.

XRP News: Ripple's launch of the RLUSD stablecoin website has ignited speculation within the XRP community about the potential conclusion of the ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). Some see this move as a sign that Ripple is nearing the end of its legal battles with the SEC.

XRP crashed to a one-month low of approximately $0.44.

In a recent development that has sparked considerable outrage within the XRP Ledger (XRPL) developer community, Ripple is under fire for altering a podcast clip.

XRP price is down over 15% and trading below $0.50. The price is showing bearish signs and might struggle to recover above the $0.520 resistance.

Trader Cryptoinsightuk has suggested that XRP is currently showing greater strength compared to Bitcoin.

The San Francisco-based blockchain giant, has unlocked a staggering $500 million worth of XRP from its escrow account. This significant move comes as the price of XRP experiences a notable surge, gaining 5.56% in the past 24 hours.

The Q2 2024 XRP Markets Report from Ripple highlights a 65.6% drop in XRPL onchain transactions driven by increased costs. 65.6% Drop in Onchain Transactions According to Ripples Q2 2024 XRP Markets Report, the average transaction cost skyrocketed, which caused a precipitous decline in XRP Ledger (XRPL) transaction volume from Q1 to Q2.

Ichimoku analysis (4- hour chart) Tenken-Sen- $0.5957 Kijun-Sen- $0.60754 Horizontal trend line- $0.750 Major support - $0.50 XRPUSD declined sharply after a minor pull-back. Any daily close above $0.6850 confirms further bullishness.

XRP slid 5.78% amid US recession fears, overshadowing investor sentiment towards the SEC vs. Ripple lawsuit.

A sense of extreme fear is spreading in the cryptocurrency and stocks market on Monday. The closely-watched crypto fear and greed index is nearing the fear zone while the one tracked by CNN Money has moved to the fear zone of 27.

As it battles to stay above the critical $60,000 support level, Bitcoin is now in a critical situation. This breach may indicate that the current bull run is coming to an end, which would make this bullish cycle weakest of them all.

XRP, the cryptocurrency that has been consolidating for an extended period, is now under the analytical spotlight. Technical analyst Joe Mitoshi has identified a significant bullish coil pattern on the XRP Ichimoku Cloud, using the Gann Fan to highlight critical targets to watch for in the coming weeks.

Ripple's legal troubles began in December 2020 when the SEC sued the company, alleging that its XRP token constituted an unregistered security offering. Despite a series of legal victories and favorable court rulings over the past year, XRP's price has remained relatively stagnant.

Ripple has encountered significant selling pressure near the $0.64 resistance level, leading to a sharp decline toward a critical support area around the 200-day moving average at $0.54. The key question now is whether this drop is merely a temporary correction or the beginning of a more sustained bearish phase.

According to pseudonymous trader Cryptoinsightuk, the XRP token is currently showing more strength compared to Bitcoin.

Bitcoin may find buyers close to $56,000, benefitting select altcoins such as SOL, XRP, KAS, and AAVE.