Ripple's XRP token extended its losing streak to a second day on Friday, tumbling to a low of $1.7575 — the weakest level since October 10. The price now sits 52% below its all-time high, with market capitalization shrinking from $190 billion to $107 billion.
Record ETF Outflows and Deteriorating Futures Data
U.S. spot XRP ETFs bled $92 million on Thursday, marking the largest single-day outflow on record, according to SoSoValue. Grayscale's GXRP led the exodus with $98 million in redemptions, though inflows from Canary, Bitwise, and Franklin Templeton partially offset the drain. Month-to-date, XRP ETFs have shed just $1.2 million in net assets.
Futures market indicators also flash red. Open interest fell to $3.2 billion, the lowest reading this year. The funding rate dropped to multi-month lows, while more than $57 million in long positions were liquidated. The combination suggests a broad-based loss of conviction among leveraged traders.
Geopolitical Risks Fuel Safe-Haven Demand, Crushing Crypto
The broader downturn in digital assets and rising geopolitical tensions accelerated XRP's slide. Prediction markets Polymarket and Kalshi show elevated odds that President Donald Trump will authorize a military strike against Iran in 2026. Safe-haven assets such as the Swiss franc and gold rallied, while Brent crude oil climbed back above $70. In the risk-off climate, cryptocurrencies faced the heaviest selling pressure.
Technical Analysis: Double Top Breakout Targets $1.3847
On the weekly chart, XRP has formed a textbook double-top pattern with peaks around $3.3890 and a neckline at $1.77. The token has broken decisively below the neckline, slipped under the 50-week and 100-week exponential moving averages, and fallen beneath the 50% Fibonacci retracement. The Supertrend indicator has turned red, confirming a bearish bias.
If XRP fails to reclaim $1.77 quickly, the next logical support sits at the October 10 low of $1.3847. A breakdown below that level would open the door for a move toward the $1 psychological level. However, a sudden shift in sentiment or positive catalysts could trigger a relief rally, though the near-term technical outlook remains heavily skewed to the downside.