The price of XRP, one of the leading altcoins, has nose-dived below the $2.1 level, according to data provided by CoinGecko.
It is currently changing hands at $2.09 after reaching an intraday low of $2.08.
The token has slipped by 4.5% over 24 hours, which makes it the worst-performing altcoin in the top 10. Cardano (ADA) is also among the top underperformers of the day with a 4.4% drop. The other top altcoins have suffered less severe price corrections. Tron (TRX) is the only top 10 coin that remains in the red.
Bitcoin has recorded a less severe drop compared to the top altcoins, dropping by only 2%.
However, according to a recent report by Bloomberg, options traders are now hedging against a possible drop below $80,000.
Risk assets have been hammered by the ongoing global trade tensions that seemingly show no sign of subsiding. Earlier this Monday, Japan's Nikkei slipped by more than 4%.
According to the 100eyes Crypto Scanner analytics tool, XRP has now approached a critical horizontal support level.
The Ripple-linked cryptocurrency has now plunged by more than 14% over the past week. Losing the key support level could lead to a more severe correction. It is worth noting that XRP has not dropped below the pivotal $2 level since May 11.
As reported by U.Today, XRP search interest recently hit its lowest level of 2025, according to data provided by Google Trends. The general public seems to be ignoring the cryptocurrency despite Ripple's victory over the SEC.
It remains to be seen whether XRP will be able to reignite its momentum later this year with possible ETF approval.
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