XRP Plummets to $1 as Thin Binance Books Spark $0.95 Fears

XRP's price plummeted to $1 on Tuesday, marking a year-to-date low and extending its decline to nearly 60% since its January peak of $2.40.

The asset's market capitalization dropped from over $65 billion to $62.8 billion, widening the gap behind USDC's stablecoin with a market cap of $72 billion.

Ripple, the company behind XRP Ledger, is advancing its quest for widespread adoption, but some analysts warn that thin trading volumes make the asset vulnerable to market manipulation.

Analyst Vincent Van Code cautioned that low volume on Binance could spark a drop to $0.95, citing the asset's thin order books and the potential for market manipulation by VIPs.