XRP wipes out over $22 billion in a week; Is the rally over?

Key Points

1. XRP's market cap fell from $205.9 billion on July 23 to $183.4 billion by July 30, a 10% decrease.

2. The price of XRP dropped below the critical $3 level, hitting a low of $2.99 before recovering slightly to $3.09.

3. Open interest in XRP futures declined to $8.57 billion, indicating reduced trading activity.

4. A sustained drop below $3 could lead to further declines, potentially testing the $2.80–$2.90 range.

5. Bitcoin's increasing dominance is drawing capital away from altcoins like XRP, compounded by Ripple's ongoing regulatory challenges.