XRP Price Falls Below $1 Amid Market Weakness

XRP price dropped below $1 USD on Tuesday, August 18, reaching as low as 98 cents. This is the lowest level for the token since November 2024, according to Coindesk.

The decline was largely due to the overall negative sentiment in the digital asset market, with XRP being pressured along with other instruments like Bitcoin and assets related to Ripple.

Additionally, spot funds for XRP have seen an outflow of funds, while large holders are transferring tokens to exchanges, which is often interpreted as a signal of possible sales.

Despite the drop, interest in XRP futures remains high, with open interest reaching about $2.78 billion and a ratio of long to short positions exceeding 3 to 1 on Binance and OKX.