XRP’s price (XRP-USD) dropped 9.4% in the past 5 days to $1.37 even as three major pieces of positive news failed to lift token values. Crypto holding firm Evernorth ($XRPN) debuted on the Nasdaq exchange, Standard Chartered ($SCBFF) opened a storage service for Ripple in Dubai, and exchange-traded funds pulled in $8 million in new inflows. XRP swung between $1.31 and $1.41 over the last day, leaving the digital asset up just 1.3% over the past month and more than 62% under its all-time peak.
Traders Sold Off XRP Holdings Following Evernorth’s Nasdaq Debut
A main reason for the drop stems from how investors traded around Evernorth’s public debut. Evernorth holds roughly 473 million XRP tokens as its primary asset. Buying shares in Evernorth gives outside investors indirect access to XRP price swings without forcing them to hold tokens directly.
Since the market knew Evernorth was going to list on the Nasdaq long before it actually happened, speculators bought XRP tokens early, hoping the news of the stock listing would drive XRP’s price up. Once Evernorth actually debuted on the stock market, those speculators immediately sold their XRP tokens to lock in their profits. This is a classic “buy the rumor, sell the news” move, which pushed XRP’s price down.
Standard Chartered Backs Ripple’s Stablecoin Over XRP
Another disappointment came from the details of a new banking agreement in the Middle East. Standard Chartered launched a storage service in Dubai built around the XRP Ledger. While the headline sounded positive for XRP, the bank chose to support Ripple’s dollar-pegged stablecoin rather than XRP itself.
Because the storage setup targets a dollar-backed digital coin, corporate clients do not need to buy or hold XRP tokens to use the bank’s system. This choice meant that a high-profile banking deal brought zero direct buying interest to the actual XRP market.
Traders Are Watching XRP’s $1.35 to $1.38 Support Zone
Even with $8 million flowing into XRP funds, the overall token price continues to struggle. Traders are now watching the price zone between $1.35 and $1.38 to see if buyers will step in.
A daily close below $1.32 could trigger another drop toward lower support marks. To turn market sentiment around, buyers must push XRP’s price above $1.45 to restart stable buying demand. Until trading volume returns to the asset, positive headlines are doing very little to protect XRP holders from selling pressure.
