XRP Loses 10% on Speculative Washout, Likely to Test $1.10
Ripple (XRP) slumped 9.97% to $1.19 in 24 hours, underperforming Bitcoin’s 5.64% drop, primarily driven by a macro-correlated market sell-off.
The token’s movement strongly correlates with the S&P 500, indicating a rates- and dollar-driven move across risk assets. The entire crypto market cap fell 5.49% in 24 hours, led by Bitcoin’s decline.
XRP’s 24-hour price correlation with the S&P 500 ETF (SPY) was 0.98, indicating the move was synchronised with a sell-off in traditional risk assets, likely driven by macro factors like interest rate or dollar strength expectations.
XRP acted as a high-beta version of the market downturn, magnifying the losses. Any shift in the 24-hour correlation with SPY below 0.8, which would signal decoupling.
Total crypto derivatives open interest rose 9.83%, and Bitcoin saw $328M in liquidations, suggesting leveraged long positions were forced to close, adding selling pressure.
The Altcoin Season Index fell to 44, suggesting capital isn’t rotating into altcoins and leaving tokens like XRP vulnerable.
Speculative washout and a lack of dedicated altcoin buying interest exacerbated the drop. No clear XRP-specific catalyst is imminent, so its path depends on broader market direction and key technical levels.
The immediate support is the recent low near $1.15. If selling pressure continues and this level breaks, XRP is likely to test $1.10. A recovery would require XRP to reclaim $1.25 resistance, likely contingent on Bitcoin stabilising above $76k.
The trend is bearish below $1.25, with the $1.15 level acting as a critical near-term floor. Traders are tracking Bitcoin’s price action around $75k as the primary trigger for XRP’s next directional move.
XRP’s sharp decline was driven primarily by a correlated risk-off move across markets, amplified by its sensitivity and weak altcoin sentiment. NVDAB Plunges as AI Regulatory Fears Drive Nvidia Stock Selloff
