XRP underperforms top cryptocurrencies, falling to $1.38 after a 35% weekly surge fueled by leverage unwinding.
XRP led a broader crypto pullback, declining 6.23% to $1.38 over the past 24 hours, the steepest drop among the top 10 cryptocurrencies. The token had surged 35.55% in the prior week, outpacing Bitcoin and Ethereum, but its rapid rise from $1.00 to near $1.70 in four days left it vulnerable to profit-taking.
Bitcoin’s retreat from its $80,000 high earlier this week accelerated losses across altcoins, though XRP-linked ETFs continued to attract inflows. The nine straight days of net inflows suggest the selloff stems from leveraged positions rather than a shift in institutional demand.
Traders are now focused on tonight’s core PCE inflation data and Nvidia’s earnings, which could dictate market direction ahead of the Jackson Hole symposium.