u.today
Earlier today, the price of the Ripple-linked $XRP token slipped below the $1 level for the first time since November 2024, according to the data provided by the Binance exchange.
At 14:58 UTC, the cryptocurrency reached an intraday low of $0.99.
The most recent decline, which ultimately pushed the price of the token below the psychologically important mark, came after it was revealed that 200,000 $XRP tokens were drained from the Coreum cross-chain bridge.
Meanwhile, as reported by U.Today, there has been some elevated activity in the closely watched $XRP derivatives market. $XRP futures, for instance, experienced a double-digit spike within virtually no time.
This heightened activity has been linked to the upcoming hotly anticipated Consumer Price Index (CPI), which is on track to be released on Wednesday. The upcoming inflation print, which is the key macro data watched by cryptocurrency traders, will determine whether yields stay elevated, push higher, or finally ease.
Terrible year for $XRP
This year has been devastating for the holders of the Ripple-affiliated token, which has lost roughly 46% of its value so far despite a slew of notable developments within the ecosystem. Notably, $XRP has vastly underperformed Bitcoin, plunging as much as 31% against the flagship cryptocurrency.
As reported by U.Today, $XRP recently became available to UK traders alongside a bevy of other cryptocurrencies via Robinhood.
Moreover, the products that are tied to the popular cryptocurrency have been boasting small but steady inflows over the past two months.
There have been important Ripple-related developments. The popular company recently secured full MiCA authorization in Europe.
Finally, the XRPL is expanding beyond payments. Ripple introduced an XRPL Lending Protocol in June. In June, Ripple launched an XRPL AI Starter Kit supporting x402-powered payments.
However, all these developments have failed to move the price of the $XRP token in a substantial way. Ripple's success does not automatically translate into price rallies, and the large number of tokens controlled by Ripple remains a major overhang.