XRP Price Drops to $1.47: Why Is XRP Down Today?

XRP price is holding near $1.47 after falling 2.60% over the past 24 hours as a sharp Bitcoin-led sell-off pressured the wider cryptocurrency market. The decline pushed XRP toward the $1.45-$1.50 support area, where buyers have recently stepped in.

Meanwhile, Evernorth has delayed the expected Nasdaq debut of its combined company under the ticker XRPN. The company said an administrative delay has pushed the expected merger closing with Armada Acquisition Corp. II to around October 9, with Nasdaq trading now expected to begin around October 12 instead of October 8.

The company said the delay is not expected to affect the merger closing.

Bitcoin Sell-Off Puts Pressure on XRP

The XRP Price decline came mainly from weakness across the broader crypto market. Bitcoin dropped nearly $2,000 within 20 minutes on October 6, triggering heavy liquidations across leveraged positions. About $394 million in leveraged long positions were liquidated within an hour, adding to selling pressure across major cryptocurrencies.

XRP followed the broader market lower as traders reduced risk. The move also pushed XRP below several short-term technical levels around $1.50.

Bitcoin’s ability to regain and hold the $84,000 area could therefore remain important for XRP and other major altcoins.

XRP Long Liquidations Add to Selling Pressure

XRP also faced pressure from the derivatives market during the decline. Around $11 million in XRP long positions were liquidated as the price moved lower.

This forced selling added to the market-wide pressure and contributed to XRP’s move toward the $1.45 support area.

XRP had also been trading within a tightening range, with the recent decline taking the price below its short-term moving averages. The $1.45 level is now an important area for traders to watch.

XRP Price Finds Support Near $1.44

Accordin to analyst Cryptic labs, despite the recent decline, XRP’s short-term chart is showing signs of buyers returning near the $1.44-$1.45 area.

On the four-hour chart, XRP has been moving within a narrow range, with resistance around $1.47. The compressed range leaves the market positioned for a larger move once either buyers or sellers gain control.

A sustained move above $1.47 could open the way toward the $1.50 area and potentially $1.62.

On the downside, a four-hour close below roughly $1.38 would weaken the current setup and indicate that the recent support structure has failed.

The broader daily trend remains stronger than the short-term price action, with XRP still above its longer-term trend line and a recent higher low around $1.31.