XRP Drops Below $3 as Market Faces Selling Pressure
XRP started the new week by dropping below $3, reaching a low of $2.96. This marks its lowest level since August 6, according to CoinGecko, and positions XRP as the second weakest performer in the top 10, only behind Solana 
$181(SOL) which suffered a sharper decline. The selling pressure in the market also led Bitcoin (BTC) 
$115,348 to drop down to $115,059, barely maintaining the crucial $115,000 level. Additionally, there were substantial liquidations of long positions during this period.
Sales Fuel Widespread Liquidations
In the last 24 hours, a total of $464.70 million worth of crypto positions have been liquidated, with $380 million coming from long positions. This situation indicates that the widespread sales have rapidly eroded leverage-bought positions, contributing to a downward movement. In the case of XRP, the weakening momentum among buyers has become apparent. The price remaining below the $3 threshold has made the sentiment around the altcoin more fragile.
XRP’s weak performance has been notable in relative terms as well. Within the CoinMarketCap ranking, only SOL experienced a tougher day, while the pressure on Bitcoin triggered a chain reaction of sales among altcoins. The short-term squeeze on leveraged longs increased price fluctuations, leading to the rapid testing of intraday lows.
XRP Price Analysis: The Critical $2.81 Threshold
In the technical chart, the $2.81 level is monitored as a key point of reference for XRP. Approximately 1.7 billion coins are accumulated around this price level from previous consolidation zones, suggesting that falling below it could significantly deteriorate risk perceptions. Stability above this threshold, although weak, could support a balance-seeking effort among buyers.
XRP Coin Price Chart
According to CoinMarketCap, XRP is trading at $2.98 at the time of the report. Market influencers and exchange data reflect that the pullback is fundamentally fueled by broad-based selling pressure and liquidations.