XRP dropped to $1.188 on June 3, marking a new year-to-date low for the digital asset amid a market-wide sell-off that also pushed bitcoin to its lowest price since early February. The decline was triggered by escalating U.S.-Iran military confrontation and compounded by Strategy's disclosure that it liquidated 32 bitcoins to fund dividend payments to preferred stockholders. The bearish market conditions resulted in $14.06 million in long liquidations for XRP, overshadowing Mastercard's announcement that it will integrate settlement support for Ripple's RLUSD stablecoin.
XRP Price Movement on June 3
Market data show that XRP briefly dropped to $1.188 on June 3, a new year-to-date low for the digital asset, which traded at double this value on Jan. 6. With this decline, XRP maintained a trend that has seen it shed 9% of its value in the last seven days. Although it quickly rebounded shortly afterwards, the cryptocurrency ultimately lost momentum shortly after passing the $1.24 mark before gradually making its way back to $1.21. At 3 p.m. EST, XRP traded just under $1.22, a marginal decline that trimmed its market capitalization to $75.3 billion. The price action also saw XRP's 30-day losses jump to 13% and its year-to-date losses climb to nearly 34%.
Long Liquidations Reach $14.06 Million
XRP's retreat on June 3 triggered the liquidation of just over $14.06 million in long bets, compared with $1.07 million in shorts. The liquidation wave reflected the intensity of bearish sentiment that gripped the market as traders absorbed losses from the sharp price decline.
U.S.-Iran Military Confrontation and Strategy Bitcoin Sale
Like much of the broader crypto market, XRP buckled under a wave of bearish sentiment triggered by intensifying military skirmishes between the U.S. Navy and Iranian forces. While Washington officials framed the strikes on Iranian assets strictly as defensive maneuvers, market observers and geopolitical analysts fear the two sides are sleepwalking into another full-scale bombing confrontation. Compounding the geopolitical friction in the Middle East, XRP was already reeling from Strategy's surprise disclosure that it liquidated 32 bitcoins to fund dividend payments to preferred stockholders. While staunch defenders of the bitcoin treasury pioneer shrugged off the liquidation as standard capital management, Strategy Executive Chairman Michael Saylor's June 3 post on X hinted that the company would resume buying bitcoin. However, critics caution that this sale, as well as future liquidations to sustain dividend obligations, could break the bedrock narrative of Strategy as a permanent bitcoin treasury vault.
Mastercard Announces RLUSD Stablecoin Integration
The fallout from Strategy's bitcoin sale has been so intense that it has completely overshadowed otherwise macroeconomic tailwinds, such as an announcement from Mastercard that it will integrate settlement support for Ripple's RLUSD stablecoin.
FAQ
What price did XRP drop to on June 3?
XRP dropped to $1.188 on June 3, marking a new year-to-date low for the digital asset. Market data show that XRP traded at double this value on Jan. 6.
How much did XRP long liquidations total on June 3?
XRP's retreat on June 3 triggered the liquidation of just over $14.06 million in long bets, compared with $1.07 million in shorts.
What announcement did Mastercard make regarding Ripple?
Mastercard announced that it will integrate settlement support for Ripple's RLUSD stablecoin.
