Altcoin Selloff Hits XRP: Analysts Say Lawsuit No Longer the Key Factor

Despite weekly optimism, XRP has dropped below the $3 mark again, frustrating its community as the token falls behind broader market trends. Currently, it is trading near $2.90, down more than 4% in the past 24 hours, with a market cap of around $173 ￰0￱ a historic ￰1￱ XRP ETF launch and Ripple’s strengthened ties with Spain’s BBVA bank, the token has failed to sustain upward ￰2￱ now argue that XRP’s sluggish performance can no longer be blamed on the ￰3￱ and Exchange Commission (SEC) lawsuit, which has long been cited as a key obstacle to ￰4￱ that case resolved, attention has shifted to deeper market dynamics. Profit-Taking, Liquidations, and Market Sentiment XRP’s ETF debut generated record $37 million in day-one trading volume, but it also triggered a classic “sell the news” ￰5￱ institutional investors exited positions, sparking heavy selling ￰6￱ to the downturn, XRP traders faced nearly $79 million in liquidations over the past day, with long positions making up the ￰7￱ wave of forced selling drove prices down, undermining confidence among retail investors.

Meanwhile, the broader crypto market lost 4% in value, with billions wiped from altcoin ￰8￱ (ETH) and other major assets also saw steep declines, further dragging XRP ￰9￱ XRP Avoid a Steeper Decline? XRP is now battling to hold support near $2.80, with traders warning that a break lower could expose the token to the $2.50–$2.60 zone. Bulls, on the other hand, need to reclaim the $3.10–$3.20 range to re-establish momentum and revive hopes of testing the $3.65 all-time ￰10￱ sentiment remains ￰11￱ commentators, such as analyst BarriC , suggest XRP could still surge dramatically if it follows historical patterns, even hinting at a possible $300 price target by ￰12￱ remain skeptical, pointing to continued selling pressure and tighter regulatory compliance requirements for altcoin ￰13￱ now, XRP holders face a crucial test: defend current levels or risk deeper losses as the altcoin market selloff ￰14￱ image from ChatGPT, XRPUSD chart from Tradingview