coindesk.com
Payments-focused cryptocurrency $XRP ($XRP) tanked to its lowest level since November 2024 as bitcoin and ether fell to levels last seen in August.
$XRP hit a low of 89 cents, a level it last traded in early November, when President Donald Trump had just won the election on promises to unleash crypto-friendly regulation and the market was strongly bid.
The token has dropped 36% this quarter alone and has been in a sustained slide since peaking above $3.60 in July 2025.
The latest decline follows outflows from spot exchange-traded funds (ETFs). Last week, U.S.-listed $XRP ETFs registered a net outflow of $19.13 million, the highest since March 2026, according to data source SoSoValue.
Since launching in November last year, the ETFs have pulled in around $1.5 billion — a paltry amount compared with the several billion dollars that bitcoin and ether ETFs have attracted. Bitcoin and ether ETFs have also seen outflows recently.
Meanwhile, capital is leaving through other avenues, too. The combined market cap of the two biggest dollar-pegged stablecoins, USDT and USDC, has contracted to $244 billion, the lowest since September 2025.
It peaked at around $270 billion in early May and has declined rapidly over the past seven weeks, falling from $260 billion in a near-straight line.
“Stablecoin supply is shrinking fast. It fell by $17B over the last month, the steepest drop since 2022. As holders swap stables to fiat they drain buying power from BTC and crypto,” analysts at Glassnode said.
Stablecoins are digital tokens whose values are pegged to an external reference, such as the U.S. dollar. That makes them a preferred choice for funding crypto purchases and cross-border transactions.
