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Market sentiment turned bearish as markets digested recent comments from Fed Chair Jerome Powell on the path for interest rate cuts, leading to a wave of selling pressure across various cryptocurrencies. Profit-taking following recent market gains and liquidations of leveraged positions may have also contributed to the sell-off., crypto-tracked futures recorded nearly $504 million in liquidations in the past 24 hours. Of that total, $358 million were long positions.
In significant whale accumulation, wallets with at least one million XRP now hold a total of 45.61 billion tokens, the highest amount since June 2018. According to Santiment, whales and sharks have reversed direction over the last two years, accumulating 3.44 billion more XRP, or an 8.16% rise. XRP traders have enjoyed a positive 40% return on XRP prices in the past seven days.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.
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