XRP Tumbles Below $1 Amid Broader Market Uncertainty

Ripple's XRP token remains under pressure as uncertainty in the broader cryptocurrency market and weak technical momentum weigh on the altcoin.

Despite a recent announcement by South Korea's Jeonbuk Bank that it will use Ripple's blockchain payments system for business customers, XRP has slipped below the key $1.00 level.

A reading of the long-to-short ratio for XRP shows that short positions outnumber long positions, indicating a bearish tilt across derivatives markets.

The funding rate for XRP has turned negative, with traders holding short positions paying those with long exposure, signaling a bearish positioning bias.