Altcoins News
By Evie Vavasseur
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The Spot Market Can't Carry This Load. XRP is barely holding above its intraday low of $1.05.
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Bitcoin's Beta Problem. XRP doesn't move in isolation. Bitcoin's behavior is probably the second-biggest variable here,…
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XRP dropped 2.9% in 24 hours and sits at roughly $1.06. It's down 8.6% on the week. And the derivatives picture underneath that price is pretty uncomfortable.
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Open interest in XRP has climbed to $2.43 billion. Futures volume over the past day hit $2.47 billion. Spot volume? Just $361 million.
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Markets are pricing roughly a 65% chance the Fed holds rates steady.
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But traders aren't exactly relaxed. There's real caution around a potential rate hike, and any dissenting opinions from Fed officials could rattle sentiment fast.
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XRP is barely holding above its intraday low of $1.05. The $1 level is the big psychological line — lose that and things get disorganized quickly.
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A 10% reduction in open interest would mean roughly $243 million hitting the market. Current daily spot volume is $361 million.
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On the upside, reclaiming $1.09 would be the first sign of recovery. A range between $1.11 and $1.15 would mean stronger confidence is coming back.
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More context: XRP Drops to $1.05 as Fed Decision Looms Over 7 Active Spot ETFs
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Bitcoin rallied to nearly $66,700 as of July 27 before pulling back to around $63,700. That's a big swing in a short window.
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So XRP is basically caught between two live wires right now. One is the Fed. The other is Bitcoin's own fragile positioning.
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It's worth being honest about what's unclear here. The source didn't specify exactly how much of that open interest is long versus short, so it's hard to say with precision which…
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Related: Ionic Digital Jumps 26% on Nasdaq Debut, Hits $2.8 Billion Market Cap
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The broader crypto market has seen this pattern before. A derivatives overhang builds during a period of sideways or declining prices, spot volume stays thin, and then a macro…
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