XRP Crashes 3% to YTD Low of $1 as Thin Binance Volumes Worry Analysts

XRP's value plummeted over 3% on Tuesday to hit a year-to-date low of $1, extending its decline to nearly 60% since its January peak at $2.40.

This drop has pushed XRP further down the market capitalization rankings, from number three to six, as it now trails behind USDC's $72 billion valuation.

Despite Ripple's efforts to drive widespread adoption of the digital asset and institutional investors like Wolverine Asset Management acquiring a new position in the Bitwise XRP ETF, some analysts warn that thin trading volumes on Binance make XRP vulnerable to market manipulation.

Social media user Vincent Van Code cautioned that with only $68 million in 24-hour trading volume on Binance, XRP could extend its downward trend and drop to as low as $0.95.