XRP Sells Off to November 2024 Levels Amid Market Weakness

XRP has retreated to November 2024 levels as its spot and derivatives markets tilt towards selling, causing concern among traders.

At one point, XRP fell below $1, giving up a key price line formed shortly after U.S. President Donald Trump's 2024 election victory.

The decline coincides with a change in market structure. XRP first broke above $1 on November 16, 2024, then rose to $3.42 on July 2025, but later gave back most of those gains amid broad weakness in the crypto market.

Bearish signals also appeared in derivatives markets, with Binance's 7-day rate of change in XRP open interest rebounding to 7.4 percent on August 11 from about minus 13 percent on August 1.

CryptoQuant analyst JA Martuun pointed out that the inflow of new positions did not translate into stronger buying, while Binance perpetual futures cumulative volume delta (CVD) worsened to minus $349.5 million on August 11 from about minus $251 million in early August.

Positioning tracked by Coinglass also leaned bearish, with the long-to-short account ratio at 0.8432 when XRP traded near $1, indicating that sellers are holding short-term control despite fresh capital inflows.

XRP analyst Vincent Van Code warned that Binance's 24-hour XRP trading volume fell to about $68 million from above $1 billion before the move below $1, and that a sell order of about $4 million alone could push XRP down to $0.95.

Market unease also overlapped with security issues, as 199,916.3 XRP was moved in 94 transfers from an XRP Ledger account used for the Coreum bridge to two newly created wallets on August 9.