XRP hit a multiweek low of $1.265 on May 28, shedding 3.2% in 24 hours as a broader cryptocurrency rout pushed its market cap below $80 billion. The token stabilized near $1.29 by late Tuesday, but the damage for the week already totals nearly 6%.
Broader market drag
The selloff wasn't limited to XRP. Most major coins slid on Tuesday, with bitcoin and ether also posting losses. The decline comes without a single trigger — just a general risk-off mood that has hit altcoins hardest. XRP's drop to its lowest point in several weeks reflects that broader weakness.
Why Stellar is gaining
Traders are rotating out of XRP and into XLM, Stellar's native token, following a partnership between the Stellar Development Foundation and the Depository Trust & Clearing Corporation (DTCC). The deal, announced earlier this month, positions Stellar for institutional settlement use — a narrative that XRP has long claimed but hasn't recently advanced. The shift accelerated Tuesday as XRP lost ground.
No clear catalyst for a rebound
XRP now sits just above its intraday low. The $1.26 level is the immediate support to watch. On the upside, resistance near $1.35 hasn't been tested since last week. With no positive catalyst on the horizon and traders still rotating toward Stellar, the pressure remains. Whether XRP can hold its current range depends largely on whether the broader market stabilizes in the coming days.
