- XRP plummeted over 16% to roughly $1.29, becoming the worst performer among major cryptocurrencies.
- Forced selling in derivatives markets amplified the drop, with approximately $46 million in XRP liquidations noted by Coinglass.
- Recent fundamental developments, including Ripple‘s new licenses and institutional access news, failed to support the token’s price.
XRP suffered a dramatic plunge of more than 16% in the past 24 hours, falling to around $1.29 and significantly underperforming the broader crypto market on Thursday. Consequently, the token’s decline stood out even as Bitcoin dropped a more moderate 7% during the same volatile session.
Meanwhile, the move was heavily influenced by forced selling in derivatives markets. Data shared by Coinglass showed roughly $46 million in XRP liquidations, with bullish bets accounting for about $43 million of that total.
This pattern indicates a leveraged unwind rather than just spot holders exiting. The chart showed a slow bleed through most of the day, followed by a sharp drop late in the session.
However, XRP’s slump comes even as fundamentals pick up for both the token and its related company. Earlier this week, Flare and Hex Trust announced institutional access for FXRP minting and FLR staking.
Such setups are meant to let institutions use XRP in DeFi without selling it. Yet the news failed to lift market sentiment, suggesting traders remain skeptical.
Elsewhere, XRP-linked Ripple bagged e-money licenses in Luxembourg and added Hyperliquid into its institutional prime brokerage platform. These developments typically add to a token’s appeal during general uptrends but failed to counteract the selling pressure.
That matters because XRP’s rallies are often driven less by slow adoption stories and more by bursts of positioning and momentum. The more immediate issue is strictly technical.
The drop below the $1.44 area effectively flipped what had been a support zone into overhead resistance. Below current levels, the next obvious psychological magnet is the $1.00 mark.
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