XRP Price Drops as Speculators Exit Bets Ahead of XRPN Listing
Ripple (XRP) price dropped by 1.01% to $1.39, underperforming a slightly positive broader market, primarily driven by a sell-off in leveraged derivatives positions ahead of Evernorth Nasdaq listing on Oct. 12
Signalling sell pressure, trading volume plunged more than 53% in 24 hours, with transaction value now at $840 million. XRP futures open interest declined 4.6% in token terms and 8.6% in dollar terms over the past week, indicating traders are closing leveraged long positions.
Crypto analysts said forced liquidations can amplify selling, creating a negative feedback loop. The market is de-risking, with speculators exiting bets on near-term price appreciation.
While Bitcoin rose 0.26% and the total crypto market cap edged up, XRP fell. No fresh, positive catalyst emerged in the last 24 hours to counter selling pressure.
Traders said although a critical XRP Ledger bug was disclosed on October 9, it had been patched weeks earlier and showed no evidence of exploitation.
In the absence of new bullish news, XRP succumbed to its own negative momentum and broader altcoin weakness. The immediate trigger is the Evernorth (XRPN) Nasdaq debut on October 12. Technically, XRP is testing support near $1.37.
If it holds, a rebound toward the 7-day simple moving average at $1.45 is possible. However, a break below $1.37 could see a swift drop to the next support near $1.32.
The bias is bearish below $1.45, but a successful public listing could provide a sentiment floor. Traders are watching whether the XRPN listing generates tangible spot market demand for XRP or is treated as a “sell the news” event.
The combination of derivatives unwinding and a lack of immediate bullish catalysts is driving XRP lower. Investors are advised to monitor whether the $1.37 support holds after the XRPN listing begins trading, as a failure could trigger another leg down
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