Why Is the XRP Price Down to an 11-Week Low Today?

XRP, Ripple’s cross-border token, fell below $1.185 on Thursday, its lowest in more than two months, down 9.5% over 24 hours as a broad cryptocurrency selloff hit altcoins. The decline came about 36 hours after XRP reached $1.35, following analyst Ali Martinez’s view that a close above $1.28 could unlock larger gains; XRP was rejected there and then lost support at $1.30 and $1.20. Bitcoin’s rejection at $81,000 and slide to $75,000 drove the wider drop, leaving XRP the worst performer among the 30 largest altcoins and cutting its market cap to $75 billion. XRP exchange-traded funds saw little to no demand in early November, with no activity Tuesday through Thursday.