XRP Sinks to Lowest Level in Almost Two Years Amid Broader Crypto Drawdown
The XRP token has closed its weekly candle at $1.09, its lowest level in almost two years.
This marks a significant drop for XRP, which is now down 43.94% year-to-date and sits at sixth place by market capitalization with a shrinking lead over Solana.
The current situation is attributed to the token's history of reacting to legal and legislative headlines rather than network usage, creating a 'credibility question' that sets it apart from its peer group.
Recent trading data shows derivatives-led activity, with daily futures volume at roughly 10 times spot volume, indicating speculation and leverage rather than accumulation.
The entire crypto market is in a deep drawdown, with Bitcoin down 49% from its October peak, Ethereum down over 35%, and Solana down over 38%.