XRP Plunges to $1 Level Amid Broader Market Decline

XRP has plummeted to the $1 level, sparking concerns among investors. According to CryptoSlate, XRP fell to $1.02 on June 27, its lowest price since February.

The current market situation is less like a simple pullback and more like a phase where leverage liquidations, shrinking derivatives trading, and rising loss-taking are all occurring simultaneously.

The direct shock appeared first in derivatives markets, with $9 million in long positions being liquidated on June 25. On Binance, roughly half of the total, about $4.5 million in XRP long positions, was closed.

Open interest also fell quickly in the aftermath, with Binance's XRP open interest dropping to about $205 million, its lowest since March 22. The simultaneous contraction on both exchanges shows some investors voluntarily reduced positions, while others exited after being liquidated.