XRP Falls by 4% over Market-Wide Riskoff Sentiment
During the early trading session on Wednesday, Ripple (XRP) is experiencing a downward trend in the cryptocurrency market, having fallen by 4.07% to $1.36 over the last 24 hours.
XRP’s negative swing has been linked to macro-driven crypto weakness and persistent on-chain selling. At the current rate, XRP underperforms the crypto market movement slightly, driven by weaker Bitcoin and broad, risk-off market sentiment.
The negative price move reflects XRP’s high beta to Bitcoin during a period of extreme fear and ongoing weakness in the altcoin sector.
XRP’s decline closely mirrored Bitcoin’s 3.33% drop, a typical high-beta reaction during risk-off periods. The entire crypto market cap fell 3.08%, with sentiment entrenched in “Extreme Fear” per the CMC Fear & Greed Index.
With no coin-specific positive catalyst, XRP was swept up in the broader liquidation and caution. This indicates XRP is moving as a risk asset, not on its own fundamentals in the short term. Its direction remains tightly linked to Bitcoin and overall market sentiment.
Crypto analysts said a sustained break in Bitcoin below $66,900, which would likely drag XRP lower. Beyond market beta, on-chain data points to sustained distribution.
Glassnode analysis highlighted that XRP’s Spent Output Profit Ratio (SOPR) dropped to 0.96, signaling the average coin is now being sold at a loss. This pattern mirrors the prolonged consolidation phase seen in late 2021–2022, suggesting weak holders are exiting.
This suggests that underlying selling pressure is structural, not just speculative. Until this on-chain distribution subsides, rallies may be sold into.
If XRP holds above the $1.34 support, a relief bounce toward the $1.43-$1.45 resistance zone is possible. However, a daily close below $1.30 risks a sharper decline toward the next major support near $1.17.
The bias remains bearish below $1.45, but oversold conditions set the stage for a potential technical bounce. Trading volume and price action around $1.34; a high-volume break lower would confirm continued bearish control. Money Market Rates Fall, Banks Step Up Cash Lodgment with CBN
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