XRP fell over 3% to hit a year-to-date low of $1 on Tuesday, extending its slide to nearly 60% since its January peak.
Key Takeaways
XRP slipped over 3% to $1 on Bitstamp, hitting a year-to-date low.XRP ranked 6th in market cap at $62.8B despite new Ripple expansions.Analyst Vincent Van Code warned low $68M volume on Binance could spark a drop to $0.95.On Tuesday, XRP led an altcoin tumble, nosediving over 3% amid reports of another institutional investor acquiring Bitwise’s XRP exchange-traded fund. Daily market data show that XRP slipped from $1.04 to $1 by 3:13 a.m. EST, surpassing its previous year-to-date low seen in late June. On Bitstamp, the digital asset appeared on course to break below the $1 threshold for the first time since November 2024.
“$XRP is about to break the psychological $1 support,” Vincent Van Code wrote, noting that 24-hour trading volume on Binance had dropped to $68 million from over $1 billion. “Lots of people opening long positions because they think the bottom is in, and this is ripe for Binance and VIPs to liquidate these positions quite easily with only [a] very small slush fund. Current order books [are] super thin, with only $4M sells triggering [a] drop to 0.95 level, and likely closing out millions in longs.”
The analyst’s sentiment seemingly reflects a broader split across social media where discussions remain polarized. While cautionary posts point to stacked sell walls and thin order books, a resilient segment of retail traders views the sub-$1 region as an accumulation zone, holding out for a technical rebound if key support holds.
