XRP Slumps Below $1 Amid Broader Market Uncertainty

XRP is struggling to regain its footing despite Ripple's expanding banking footprint. On Tuesday, XRP slipped below the key $1.00 level as uncertainty in the broader cryptocurrency market and weak technical momentum weighed on the altcoin.

The long-to-short ratio for XRP stands at 0.92, near its lowest levels in a month, according to CoinGlass data. This indicates that more traders are betting on prices falling than rising, reflecting a bearish tilt across the derivatives markets of XRP.

The funding rates also support the current bearish narrative. XRP's funding rate turned negative on Tuesday and currently reads -0.0021%, after hitting 0.0055% on Monday. A negative funding rate means traders holding short positions are paying those with long exposure, signaling a bearish positioning bias.

Despite these challenges, CryptoQuant's indicators suggest cautious optimism for XRP. The futures market has recorded large whale orders, which could support a recovery if larger investors continue building positions and market conditions improve.