Ripple’s native XRP token has plunged to a multi-month low of approximately $1.20, coinciding with its 14th anniversary. The drop from recent highs near $1.55 triggered around $30 million in leveraged trader liquidations and caused its market capitalization to fall below $75 billion, being surpassed by USDC. Analyst Ali Martinez noted the breakdown from a key chart pattern, suggesting potential for further decline.
XRP has fallen to a multi-month low near $1.20 amid a broader market downturn. The last time the popular altcoin traded this low was briefly in early February when it approached $1.10.
This decline follows several unsuccessful breakout attempts between $1.50 and $1.60. A mid-May surge to $1.55 was halted and reversed sharply.
The recent drop to $1.20 resulted in approximately $30 million in liquidations for leveraged traders. It also reduced XRP’s market capitalization from over $85 billion to below $75 billion, allowing USDC to become the fifth-largest cryptocurrency by that metric.
The crash occurs on the asset’s 14th birthday, marking the anniversary of its creation in 2012 by co-founder Arthur Britto. Britto began collaborating with David Schwartz and Jed McCaleb the previous year.
Analyst Ali Martinez predicted a continued downward path toward $1.14. His assessment came after XRP broke down from a rising trend-line symmetrical triangle pattern.
