XRP price crashed more than 5% in the past 24 hours, erasing $10 billion in market capitalization as technical weakness and mixed ETF sentiment weighed on the token.
The price dropped to $2.84, down from $3.05 support and below the $3 psychological threshold, with the decline pushed XRP’s market cap from $179.82 billion to $169.72 billion, underperforming the broader crypto market’s 3.35% decline over the same period.
Technical indicators confirm the bearish shift. XRP’s MACD histogram printed at –0.0146, while the relative strength index (RSI) fell to 46.58, signaling downside momentum. The breakdown also triggered $113 million in long liquidations, according to CoinMarketCap’s community data.
$2.88 is the next key Fibonacci retracement level (78.6%). A sustained move below $2.75, the swing low, could open the door to a deeper correction.
Crypto trading expert weighs in
The intraday slide also arrived amid a public forecast shift from on-chain analyst Ali Martinez.
On August 25, Martinez posted on X that “it won’t take long” before XRP returned to $3.70, a call Finbold noted looked unlikely at the time with the token trading below $3, pointing out that it was much more likely for XRP to trade at $2.70 instead.
Four days later, on August 28, Martinez wrote that “$XRP continues to retrace toward $2.83 as anticipated!” bringing his outlook in line with the prevailing downside momentum as price action gravitated toward that level.
The selloff follows a week of mixed sentiment around potential XRP spot ETF approval. While CME XRP futures open interest recently crossed $1 billion in record time, optimism has been tempered by broader market weakness and uncertainty over regulatory decisions.
