Ripple’s native cross-border token has not been spared by the broader market rout and plunged today to a multi-month low.
Notably, XRP’s slide toward $1.20 coincides with the token’s 14th birthday.
The last time the popular altcoin traded this low was during the early-February crash when it briefly dipped to just above $1.10. Aside from that short-lived drop, XRP has not traded below $1.30 since before the 2024 U.S. presidential election.
This decline follows several failed breakout attempts in the $1.50–$1.60 range. The most recent rejection occurred in mid-May, when XRP rallied to $1.55 before reversing sharply and sending prices lower.
Today’s move down to $1.20, recorded minutes ago, triggered roughly $30 million in liquidations among leveraged traders and erased billions from XRP’s market capitalization. The contraction allowed USDC to overtake XRP on CoinGecko as the fifth-largest cryptocurrency by market cap.
At press time, XRP’s market cap sits below $75 billion, down from over $85 billion just a few days earlier.
It is notable that this sell-off happens on XRP’s 14th anniversary. On this date in 2012, Ripple co-founder Arthur Britto published the lines of code that created 100 billion XRP tokens. Britto had begun collaborating with David Schwartz and Jed McCaleb in 2011.
Market analyst Ali Martinez commented on the token’s recent weakness and suggested that prices could continue lower toward about $1.14 after XRP broke down from a rising trend-line within a symmetrical triangle pattern.