XRP Tumbles to 4-Month Low Amidst $9 Million Long Liquidation Wave

XRP prices plummeted to $1.02 on June 26, marking its lowest level since February, due to a wave of long liquidations worth about $9 million.

The token's drop was accompanied by a decline in open interest on Binance, reaching a three-month low as derivatives activity and leverage decreased.

According to analyst EGRAG, XRP has exhibited a recurring pattern of sharp price drops in June during U.S. midterm election years, indicating increased market caution and potential downside risk for crypto traders and DeFi/DEX participants.