The cryptocurrency market experienced a significant downturn recently, impacting even the XRP price. Within the past hour, XRP saw a drop of around 2%, adding to its losses from the last day, which have now reached about 8%. As of writing, the crypto is trading at roughly $2.04. Despite this decline, XRP funding rates on derivatives positions remain positive. This means that traders with long positions are covering those holding short positions. However, this doesn’t necessarily translate to an imminent price rebound. It’s important to note that positive funding rates simply reflect the prevailing sentiment in the market and don’t directly correlate with short-term price action. Other cryptocurrencies are also experiencing a downward trend as seen in the accompanying heatmap. While Bitcoin has dipped around 1%, altcoins like Dogecoin, Cardano, and others have witnessed steeper declines. The post ‘Important Ripple (XRP) Price Update: Critical Metric Plunges as Crypto Market Slumps’ appeared first on CryptoPotato.