Ripple’s XRP falls 6% to $1.103 as traders rotate into SpaceX’s $135/share IPO, pressuring digital assets ahead of June 13.
Ripple’s XRP token dropped 6% to $1.103 on Friday, leading a broader crypto selloff as traders reallocate capital toward SpaceX’s upcoming $135/share IPO. Bitcoin and Ethereum also declined, down 5% to $60,786 and 10% to $1,591, respectively, with no asset-specific catalysts driving the move.
The shift reflects macro positioning ahead of SpaceX’s June 13 debut, one of the largest equity events this decade. Analysts warn crypto could be the first casualty as liquidity flows into the IPO, with technical levels at $1.10 for XRP and $60,000 for Bitcoin under scrutiny.
Coinbase’s launch of SpaceX pre-IPO perpetual futures for non-U.S. traders underscores the rotation, even as digital asset liquidity tightens. The absence of Ripple-specific news suggests the selloff stems from broader risk-asset rebalancing.