XRP surged to $1.35 before declining sharply, losing the $1.30 and $1.20 support levels and falling below $1.185 for the first time since August 22. Its 9.5% decline over 24 hours made it the worst-performing asset among the 30 largest altcoins, while its market capitalization dropped to $75 billion. The broader crypto market downturn, including Bitcoin’s fall from $81,000 to $75,000, was the main factor behind the losses. The lack of demand for XRP exchange-traded funds also contributed to the failure of the rebound, despite 13 million XRP being withdrawn from exchanges and large holders accumulating 60 million XRP. Analyst Ali Martinez still sees $1.60 and potentially $2.10 as price targets, even though the move above $1.35 proved to be a false breakout.
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