XRP Slides 4.91% Amid $6 Billion Market Cap Drop, High Derivatives Interest Signals Oversold Conditions

XRPUSDT experienced a 4.91% price decline over the past 24 hours, closing at $2.0944 on Binance after opening at $2.2025. This drop is primarily attributed to significant selling pressure, as indicated by a notable spike in trading volume and traders exiting positions, alongside broader market volatility and the formation of a descending channel pattern. Additional contributing factors include a $6 billion decrease in market capitalization and a 9.11% weekly loss, despite ongoing institutional interest such as the Webus fundraise for an XRP strategic reserve and positive developments related to Ripple’s integration with traditional finance. Open interest in XRP derivatives remains high at nearly $5 billion, but technical indicators show the asset is currently oversold with declining trading volume. XRP maintains a strong market position with a current market capitalization of approximately $129.4 billion, 24-hour trading volume ranging from $1.97 billion to $3.19 billion, and a circulating supply of 58.75 billion XRP.