What next as XRP price plunges 16% in Thursday bloodbath
XRP plummeted over 16% to around $1.29, marking the worst drop among major tokens due to forced selling in derivatives markets.Summary
XRP experienced a significant drop of over 16% in 24 hours, settling near $1.29 and becoming the worst performer among major cryptocurrencies while Bitcoin fell 7%. This sharp decline was amplified by forced selling in derivatives markets, resulting in approximately $46 million in XRP liquidations, with bullish bets accounting for $43 million of that total. The price action showed a slow bleed followed by a sharp drop, typical when stop-loss orders are triggered. This slump occurred despite positive fundamental developments, such as Flare and Hex Trust announcing institutional access for FXRP minting and FLR staking, and Ripple securing e-money licenses in Luxembourg and adding Hyperliquid to its Ripple Prime platform. However, these positive news items failed to lift sentiment, suggesting traders do not yet see them as meaningful demand drivers or anticipate significant institutional flows soon. Technically, the drop below the $1.44 support level has now turned it into resistance, with the next major psychological level being $1.00. The article concludes that XRP is currently behaving like a leverage unwind disguised as a fundamentals story, and neither dynamic appears finished.
(Source：CoinDesk)