Despite weekly optimism, XRP has dropped below the $3 mark again, frustrating its community as the token falls behind broader market trends. Currently, it is trading near $2.90, down more than 4% in the past 24 hours, with a market cap of around $173 billion.
Despite a historic U.S. spot XRP ETF launch and Ripple’s strengthened ties with Spain’s BBVA bank, the token has failed to sustain upward momentum.
XRP’s ETF debut generated record $37 million in day-one trading volume, but it also triggered a classic “sell the news” response. Many institutional investors exited positions, sparking heavy selling pressure.
Meanwhile, the broader crypto market lost 4% in value, with billions wiped from altcoin capitalization. Ethereum (ETH) and other major assets also saw steep declines, further dragging XRP down.
XRP is now battling to hold support near $2.80, with traders warning that a break lower could expose the token to the $2.50–$2.60 zone. Bulls, on the other hand, need to reclaim the $3.10–$3.20 range to re-establish momentum and revive hopes of testing the $3.65 all-time high.
Others remain skeptical, pointing to continued selling pressure and tighter regulatory compliance requirements for altcoin ETFs. For now, XRP holders face a crucial test: defend current levels or risk deeper losses as the altcoin market selloff accelerates.
Cover image from ChatGPT, XRPUSD chart from Tradingview
