XRP Price Plunges Below $1 as Market Pressure Mounts

XRP price briefly dropped below $1 on August 11, despite a surge in XRP Ledger activity.

The XRP Ledger processed 1.39 million transactions, including 301,226 payments and 973 new accounts. However, a closer look reveals that 67% of these transactions were offers created, not payments.

This distinction is crucial, as offer activity can reflect active trading and market making but does not necessarily mean users are buying XRP or fresh capital is entering the token.

The wider crypto market also contributed to XRP's drop below $1, with Bitcoin falling back below $64,000 on Tuesday due to renewed US-Iran tensions and higher oil prices.