Crypto Market Plunges: Major Liquidation Event Triggers Lawsuit Predictions, XRP Continues Decline
Crypto Market Plunges: Major Liquidation Event Triggers Lawsuit Predictions, XRP Continues Decline
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The cryptocurrency market recently experienced a massive liquidation event on October 10th, leading to significant losses across major assets like Bitcoin, Ethereum, XRP, and BNB. Experts are now predicting a wave of lawsuits against alleged market manipulators, particularly within centralized exchange (CEX) systems. Meanwhile, XRP is under persistent bearish pressure, repeatedly slipping below key support levels. Despite a substantial Shiba Inu token burn, its impact on the overall market supply and price action remains minimal, highlighting the challenging environment facing many digital assets.
The crypto market has been hit hard, marked by an unprecedented liquidation event on October 10th that saw over $20 billion wiped out. This crash led to sharp declines for Bitcoin (BTC), Ethereum (ETH), XRP, and Binance Coin (BNB), with some experts, like MartyParty, attributing the turmoil to "market manipulators" within opaque centralized exchange (CEX) systems. MartyParty warns that these events could trigger significant class-action lawsuits, potentially becoming one of the largest fraud cases in financial history. Allegations suggest that exchanges like Binance could orchestrate crashes by opening simultaneous short positions on user-held tokens.
In the wake of this broader market downturn, XRP has been particularly vulnerable. The asset's price has continued a fresh decline, falling below critical levels such as $2.50, $2.40, and even $2.30, with technical indicators firmly in bearish territory. Analysts foresee potential further losses if XRP fails to clear immediate resistance zones.
Amidst this widespread negative sentiment, Shiba Inu (SHIB) saw one of its largest token burns in months, with over 140 million SHIB sent to a burn address from a Coinbase-linked wallet. While such deflationary efforts are often cheered by communities, the article notes that the impact on SHIB's vast supply and price action was negligible, with the token barely moving after the event. This underscores the current market's resilience to individual positive news in the face of broader bearish trends and manipulation concerns.
In the wake of this broader market downturn, XRP has been particularly vulnerable. The asset's price has continued a fresh decline, falling below critical levels such as $2.50, $2.40, and even $2.30, with technical indicators firmly in bearish territory. Analysts foresee potential further losses if XRP fails to clear immediate resistance zones.
Amidst this widespread negative sentiment, Shiba Inu (SHIB) saw one of its largest token burns in months, with over 140 million SHIB sent to a burn address from a Coinbase-linked wallet. While such deflationary efforts are often cheered by communities, the article notes that the impact on SHIB's vast supply and price action was negligible, with the token barely moving after the event. This underscores the current market's resilience to individual positive news in the face of broader bearish trends and manipulation concerns.