AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- XRP hits a new record high but faces a sharp 14% drop.
- The token sees a strong recovery but remains under pressure near $3.
- Ripple’s XRP continues to garner attention amid ETF developments.
XRP, the cryptocurrency affiliated with Ripple, has seen significant price action in recent weeks, marking a new record high and strong weekly performance. The token surged to a new weekly high of $2.95 on the Binance exchange, reaching impressive momentum. However, XRP bulls faced a challenge as the token failed to hold the critical $3 mark, experiencing a sharp decline of around 14% on Sunday, dropping to an intraday low of $2.80.
Despite the dip, XRP showed resilience and regained some of its losses, currently trading at $3.1. This recovery coincides with a broader rebound across the cryptocurrency market, with Bitcoin (BTC) also recovering after briefly dipping below $100,000. XRP’s price action is reflective of the wider volatility within the market, where large fluctuations have become common.
Futures Market Liquidity and Recent Market Movement
The correction in XRP’s price also sparked notable activity in the futures market. According to CoinGlass, around $32.5 million worth of XRP positions were liquidated in the last 24 hours, with a significant portion—approximately 84%—coming from long positions. Nearly $10 million worth of liquidations occurred on Binance alone. As a result, XRP’s total futures open interest now stands at $6.69 billion, reflecting a drop of 11% compared to the previous day.
Despite these challenges, XRP remains up more than 26% over the past week, underscoring its continued growth and the potential for future gains, despite the short-term corrections. This week’s market activity marks a period of heightened volatility for XRP, as investors and market participants brace for further movement.
ETF Developments Draw Attention to XRP
XRP has been gaining attention beyond traditional trading platforms, with growing interest surrounding potential exchange-traded funds (ETFs). Recently, ProShares, a leading issuer of ETFs, filed for leveraged, inverse, and futures-based XRP ETFs. These developments could play a crucial role in bringing further exposure and institutional interest to the Ripple-affiliated token. The growing ETF buzz suggests that XRP could see additional price volatility, driven by regulatory and institutional factors.
As Ripple and its token remain in the spotlight, the future of XRP is intertwined with these developments, along with broader market sentiment and ETF approval timelines. While the token faces a short-term correction, the long-term trajectory remains a subject of considerable interest and ongoing analysis. As the market continues to evolve, XRP's role in the cryptocurrency ecosystem remains critical.
