XRP crashes to its lowest since November 2024 as money leaves crypto
XRP (XRP) fell to 89 cents, its lowest level since November 2024, as the cryptocurrency market faces significant outflows.
The token has been in a sustained slide since peaking above $3.60 in July 2025. The latest decline follows outflows from spot exchange-traded funds (ETFs), with U.S.-listed XRP ETFs registering a net outflow of $19.13 million last week, the highest since March 2026.
ETF Performance
Since launching in November 2025, XRP ETFs have attracted only about $1.5 billion, significantly less than the several billion dollars gathered by bitcoin and ether ETFs. These larger ETFs have also experienced recent outflows, contributing to the broader market downturn.
Stablecoin Contraction
Capital is leaving through other channels as well. The combined market cap of the two largest dollar-pegged stablecoins, USDT and USDC, has fallen to $244 billion, the lowest since September 2025. This represents a steep decline from their peak of around $270 billion in early May.
Stablecoin supply is shrinking fast. It fell by $17B over the last month, the steepest drop since 2022. As holders swap stables to fiat they drain buying power from BTC and crypto.
Stablecoins, whose values are pegged to external references like the U.S. dollar, serve as a preferred funding method for crypto purchases and cross-border transactions. Their reduced availability indicates diminished buying power in the market.
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