Key Highlights
- XRP down 5.3% to $1.43, a sharper drop than the market’s 3.3% decline
- Perpetual futures volume at 19.7 times spot volume, per CoinGecko
- Evernorth XRPN listing moved to Oct. 12; XRPL security amendment due Oct. 9
XRP price fell 5.3% to $1.43 today, It fell further than the crypto market around it.
Bitcoin and the wider market also declined over the same 24 hours, but XRP lost more ground than either over both one day and one week. Trading in XRP derivatives ran far ahead of spot buying. On the same day, a planned public XRP treasury company pushed back its stock market debut.
XRP traded at $1.43 at 14:12 UTC on Wednesday, down 5.3% over 24 hours, according to CoinGecko. That price sat at the bottom of its $1.43 to $1.52 daily range. Over the same period, total cryptocurrency market capitalization fell 3.3% to $2.932 trillion.
Broader Crypto Market Falls on October 7
XRP’s decline came during a market-wide pullback. Bitcoin traded at $83,097 at 14:12 UTC, down 3.4% over 24 hours, according to CoinGecko. Earlier in the session, at 12:26 UTC, Ether was also down 4.5%.
XRP’s losses ran deeper than the market’s. The token was down 6.5% over seven days, while the global crypto market was down 0.9% over the same stretch, CoinGecko data shows. CoinGecko’s Fear & Greed Index stood at 41, a reading it labels “Fear.”
XRP Derivatives Volume Outpaces Spot
Perpetual futures are contracts that let traders bet on price with leverage and without an expiry date. On Wednesday, 24-hour trading volume in XRP perpetual futures was 19.7 times spot trading volume, according to CoinGecko.
Open interest is the total value of derivative positions still held open, and for XRP it stood at $4.66 billion. That equals 5.15% of XRP’s market capitalization.
Spot volume also rose. XRP traded $2.378 billion over 24 hours, a 48.3% increase from the previous day, CoinGecko data shows.
Evernorth Delays XRPN Nasdaq Debut
On Oct. 6, Evernorth Holdings Inc. filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC). The filing moved the expected close of its merger with Armada Acquisition Corp. II to on or about Oct. 9. It also moved the expected start of Nasdaq trading under the ticker “XRPN” to on or about Oct. 12.
The filing attributes the change to an administrative delay that the company does not expect to affect the closing. Evernorth’s Oct. 1 press release had set an Oct. 7 close and an Oct. 8 trading start. That release said Evernorth expects to hold about 473 million XRP at closing.
XRP Ledger Emergency Upgrade Due October 9
The XRP Ledger network has a separate deadline the same week. On Sept. 25, developers published xrpld version 3.4.1 and described it as an emergency release to fix security-sensitive issues in the protocol.
The release introduces an amendment called fixBatchV1_2. According to the release notes, the amendment already has support from a supermajority of validators and is expected to activate on Oct. 9. Servers that are not upgraded by then will become “amendment blocked,” meaning they will be unable to stay in sync with the network.
The developers said the source code has not yet been published because of the security-sensitive nature of the fix.
Price Levels Cited by Analysts
Crypto analyst EGRAG Crypto posted on X on Oct. 7 that he is watching $1.40 as support. In his scenario, the breakdown could prove false if XRP holds $1.40 and makes a daily close back above $1.4850. A full daily close below $1.4850 would strengthen his bearish case.
At 14:12 UTC, XRP traded below $1.4850 and above $1.40, according to CoinGecko. The token remained 60.7% below its all-time high of $3.65.
Also Read: Ethereum Price Crashes 5% to $2,550 What is Happening
