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XRP, one of the leading altcoins by market cap, collapsed below the crucial $2 level on Wednesday for the first time in nearly a month amid an all-out market sell-off.
The token plunged to as low as $1.98 on the Binance exchange before seeing a modest relief rally. At press time, it is changing hands at $2.07.
Over the past 24 hours, $20.33 million worth of XRP tokens have been liquidated, according to CoinGlass data. Long positions account for roughy 63% of the wipeout.
Of course, the sell-off is not limited to XRP. Investor jitters keep mounting due to global uncertainty surrounding the ongoing tariff mayhem. E-mini Nasdaq-100 futures are currently down by more than 3%, putting pressure on crypto.
That said, the Ripple-affiliated cryptocurrency is so far failing to buck the the broader bearish trend. Last month, legendary trader John Bollinger suggested that XRP could emerge as the new market leader due to its resilience.
Declining profitability
According to data provided by crypto analytics Glassnode, XRP has experienced one of the sharpest drops it comes to the share of the total supply in profit. Roughly 5% of the cryptocurrency's supply has moved out of the green. Only Dogecoin (DOGE) is ahead with nearly 10%.
In the fourth quarter of 2024, XRP experienced a tremendous rally, but its momentum dissipated in the first quarter of 2025 amid broader market woes and declining retail interest.