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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.