XRP has erased more than $22 billion in market capitalization over the past week, a sobering reversal for one of 2025’s standout altcoins. Data retrieved by Finbold from CoinMarketCap shows its market cap plunging from roughly $205.9 billion on July 23 to $183.4 billion as of July 30, a 10% drawdown that reflects both profit-taking and structural weakness across the broader altcoin complex. The price action tells the same story. After briefly touching $3.47, XRP plunged below the psychologically critical $3 level on July 24, printing a low of $2.99 before clawing back to $3.09 at press time. That breach of $3, however brief, will not go unnoticed by traders, many of whom now view that level as a battleground between opportunistic buyers and momentum-driven sellers. XRP ledger and open interest Derivatives markets underscore the cooling sentiment. CoinGlass data reviewed by Finbold shows open interest in XRP futures sliding to $8.57 billion, a clear signal that leveraged traders are de-risking after the latest leg down. When open interest declines in tandem with spot prices, it often indicates that speculative long positions are being flushed out, a necessary reset, but one that can accelerate downside if fresh demand doesn’t step in. For now, XRP sits precariously above support at $3. A sustained break below could open the door to a retest of the $2.80–$2.90 range, while holding this level might set the stage for a period of consolidation before any renewed attempt at $3.50. As always, the macro backdrop matters: Bitcoin dominance continues to creep higher, siphoning capital away from altcoins, and Ripple’s regulatory overhang hasn’t disappeared. In short, XRP’s rally isn’t necessarily over, but this is the first meaningful test of its staying power since its early summer breakout. Whether bulls can defend $3 will dictate the next chapter.