XRP slid 24% over 24 hours to around $1.17, after briefly touching $1.28, its lowest price since November 2024. The move marks XRP’s steepest single-day drop among the top 100 cryptocurrencies by market capitalization.
The sell-off triggered $47 million in liquidations across XRP derivatives contracts, with nearly $44 million representing long positions. Trading volume for the asset jumped 57% to surpass $11 billion as volatility intensified. Total crypto liquidations exceeded $1.4 billion during the same period.
Evernorth, an XRP treasury firm backed by Ripple executives serving as strategic advisors, now carries a $446 million unrealized loss on its holdings. The company purchased 388,710,631 XRP for $947 million in late October and has not acquired additional tokens since that deployment. Its holdings are currently valued at approximately $501 million based on recent prices. Evernorth launched in October with plans to raise over $1 billion for XRP purchases, positioning itself as a dedicated treasury vehicle for the asset.
Seven spot XRP exchange-traded funds trading in the U.S. recorded $5.9 million in volume and $6.9 million in net inflows on Wednesday. Ripple Labs CEO Brad Garlinghouse recently discussed efforts to advance the Market Structure bill through Congress but has not publicly addressed the bearish price action.
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