Crypto Market Downturn: Ripple, Bitcoin, and Pump.fun in the Spotlight

Ripple and Stellar are struggling to regain their footing as bearish pressure mounts. On Tuesday, XRP plummeted by over 4% from its previous day's close, while XLM dropped by more than 5%. Momentum indicators are weakening, and derivatives metrics are deteriorating, suggesting sellers remain firmly in control.

This comes amidst a broader market downturn, with the crypto market suffering nearly $600 million in liquidations over the last 24 hours. Bitcoin is also feeling the pinch, having shed over 2% from its previous day's close, and threatening to drop below the crucial $63,000 mark.

The worst-hit assets are Artificial Superintelligence Alliance (FET) and Shiba Inu (SHIB), which have both experienced significant losses. However, it's not all bad news - Pump.fun's native token PUMP has surged following a rise in revenue and increased social media traction, climbing to nearly $0.00220 before easing back.