Ripple's Rally Hits Turbulence as XRP Tumbles 6.6%
XRP has led the broader crypto market pullback, dropping around 6.6% in 24 hours to trade near $1.37, its worst performance among top 10 cryptocurrencies.
The decline follows a strong weekly rally for XRP, which surged from a cycle low of $0.9877 on August 17 to a three-month high of $1.69 by August 22, a nearly 70% gain that outpaced Bitcoin's 23.6% and Ethereum's 28.1% over the same period.
Crypto analyst ChartNerdTA described the surge as a genuine breakout rather than noise, driven by a liquidity trap for short sellers and positive funding rates.
However, the recent upside volatility wasn't random market noise, but a legitimate breakout that included a textbook case of technical indicators reacting to rapid expansion in price over a short duration, according to ChartNerdTA.