Major cryptocurrencies plunged over the past 24 hours, with Bitcoin down 8% to $65,000 and $2.6 billion in liquidations hitting the market, while Ethereum and Dogecoin also saw double-digit declines.

Despite the broader downturn, XRP posted a daily close that fully absorbed a Binance liquidation wick. A 25% surge in trading volume cleared excess sell orders and established a technical setup that favors a pronounced upside move in the near term.