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XRP’s Birthday Turns Sour as Ripple Price Plummets to 4-Month Low

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Ripple’s native cross-border token has not been spared by the overall market-wide calamity that has only worsened today, with a fresh nosedive to a multi-month low.

What’s particularly interesting about XRP’s crash toward $1.20 is that it comes on the token’s 14th birthday.

XRPUSD June 2. Source: TradingView
XRPUSD June 2. Source: TradingView

The last time the popular altcoin traded at such low levels was briefly during the early February crash when it tanked to just over $1.10. Aside from that quick leg down, it hasn’t been below $1.30 since before the US presidential elections in 2024.

However, this crash now comes after several consecutive breakout rejections at prices between $1.50 and $1.60. The latest such unsuccessful attempt came in mid-May, when XRP soared to $1.55 only to be halted and driven south hard.

Today’s price drop to $1.20 registered minutes ago has left around $30 million in liquidations from leveraged traders. It has also wiped out billions from XRP’s market cap, which has helped USDC surpass it on CoinGecko as the fifth-largest cryptocurrency by that metric.

XRP’s market cap stands below $75 billion as of press time, down from over $85 billion just several days ago.

Interestingly, today marks the asset’s 14th birthday, which makes the crash even more painful. On this date in 2012, Ripple co-founder Arthur Britto released lines of code that created 100 billion XRP tokens. He began working together with David Schwartz and Jed McCaleb in 2011.

Ali Martinez weighed in on the asset’s recent price performance and prognozēts that it could continue its path south to somewhere around $1.14 after it broke down from a rising trend-line symmetrical triangle.

Amats XRP’s Birthday Turns Sour as Ripple Price Plummets to 4-Month Low appeared first on CryptoPotato.

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