XRP dropped more than 16% over the past 24 hours to about $1.29, underperforming all major tokens as bitcoin fell 7% on Thursday.

The decline was exacerbated by forced liquidations in derivatives markets. Data from Coinglass shows roughly $46 million in XRP positions were liquidated in the past day, with $43 million of that coming from leveraged long bets. This indicates the sell-off was driven not just by spot holders exiting, but also by traders losing margin positions as key support levels failed.

Price action for XRP showed a slow bleed for much of the session, followed by a sharp late-day drop — a pattern typical when buyers step back gradually until a final cascade of stops triggers accelerated selling.

The token’s weakness came despite positive fundamental developments. Flare and Hex Trust recently launched institutional access for FXRP minting and FLR staking, allowing institutions to use XRP in DeFi without selling it. However, the news failed to lift sentiment, suggesting traders either doubt near-term demand or expect flows to arrive more slowly than anticipated.

Ripple also strengthened its institutional infrastructure, adding Hyperliquid to Ripple Prime for on-chain perpetual liquidity and securing e-money licenses in Luxembourg. While these initiatives generally support token appeal during bull runs, they were not enough to offset technical and leveraged pressures this week.

Technically, the break below $1.44 turned a key support zone into resistance. Below current levels, the next major psychological target is $1.00, as there is little recent trading history between the two points.

In the near term, XRP is trading like a leverage-driven unwind rather than a fundamentals-based rally — and neither dynamic appears to have run its course