Key Highlights
- XRP plummeted to $1.2723, marking its weakest price point since February
- Nearly $1 billion in cryptocurrency liquidations followed US military action against Iran
- Critical $1.30 support threshold was breached amid substantial trading volume
- Spot XRP ETF activity remained flat with zero flows recorded on Wednesday
- Market observers identify $1.10 as the next critical support zone if downward momentum continues
On May 28, XRP experienced a dramatic decline, plunging to $1.2723 — representing its weakest performance since February. This sharp downturn coincided with US military operations targeting an Iranian facility near the strategically important Strait of Hormuz, creating widespread anxiety across global financial markets and initiating a significant cryptocurrency liquidation cascade.
The military action catalyzed approximately $1 billion in forced liquidations of leveraged cryptocurrency positions across a 24-hour period. An overwhelming 93% of these liquidated positions were long trades, with Bitcoin accounting for the largest portion at $386 million, followed by Ethereum at $246 million. XRP recorded a 3.6% decline during this trading session.
Cryptocurrency market analyst Cheds Trading shared on X that $XRP was “bleeding into daily range lows,” effectively summarizing market sentiment as sellers drove the token through price levels that had remained intact for several months.
Critical Support Level Breached
During the trading session, XRP declined from $1.3267 to reach an intraday low of $1.2931. The most severe price drop occurred approximately at 23:00 UTC on May 27, when 64 million XRP changed hands as the price crashed through the $1.3150 threshold.
The $1.30 price level had functioned as reliable support for an extended period. Its breakdown on elevated volume signals a near-term transformation in market psychology. XRP currently trades beneath all significant moving averages, while technical indicators including the RSI and MACD display bearish trajectories.
Technical analysts are monitoring a symmetrical triangle formation that has contained XRP’s price action since the beginning of 2025. The token now hovers near the lower boundary of this chart pattern. Should $1.30 fail to be recovered, market experts caution about potential declines toward the mid-$1.20 range or potentially as low as $1.10.
Exchange-Traded Fund Activity Stagnates
Spot XRP ETFs registered zero inflows and outflows during Wednesday’s trading session. While this neutral position outperforms Bitcoin, which experienced $700 million in withdrawals the same day, it indicates weakening investor appetite.
On a monthly timeframe, XRP ETFs are positioned for their strongest performance this year, accumulating more than $118 million in net assets. Their previous peak month occurred in November of last year, when they attracted $666 million.
Blockchain analytics reveal that XRP continues flowing off centralized exchanges, which certain market participants interpret as evidence of long-term holder accumulation.
Ripple’s RLUSD stablecoin has surpassed $1.8 billion in total assets, establishing it as the third-largest regulated stablecoin. The XRP Ledger’s 30-day adjusted transaction volume has climbed to $11.8 billion.
XRP has retreated from its May 14 peak of $1.5485 to approximately $1.28 as of Thursday morning. The subsequent support level under surveillance by analysts is positioned at $1.12, corresponding to its February trough. Resistance remains clustered in the $1.33–$1.36 range.
