Crypto
XRP Price Plunges Ahead of Inflation Data Release Amid Surge in Short Interest
Ripple's XRP token has seen its price drop to $1.38 on September 10, marking a 4% decline in just 24 hours.
This downward trend is mirrored across the broader crypto market, with all top ten largest cryptos by market cap experiencing losses.
The surge in short interest ahead of US inflation data release on September 11 has contributed to this decline. According to CoinGlass, XRP's funding rate has dropped to -0.0094%, indicating that bears are dominating the market as short sellers pay long traders to keep their futures positions open.
Data from SoSoValue shows that there were $12.29 million in inflows to XRP ETFs on September 9, with institutional investors seemingly shrugging off price weakness caused by inflation pressure and rate hikes.