According to data from crypto.news XRP 
xrp-9.2%XRP dropped 7% over the past 24 hours to an intraday low of $2.27 before recovering slightly to $2.32 at press time. At its current price, the altocin remains 36% below its all-time high of $3.65 reached in mid-July.
XRP price dipped as part of a broader crypto market downturn triggered by Bitcoin’s drop below $97,000, a level it had not touched since May this year. Investor demand for XRP has also taken a hit due to a jump in U.S. Treasury yields, which gained further momentum after the government ended one of the longest shutdowns in the nation’s history.
When yields on government bonds rise, investors tend to rotate capital into them and away from riskier assets such as cryptocurrencies, including Ripple’s XRP.
Derivative traders also appear to have contributed to XRP’s losses today. CoinGlass data shows that open interest in the futures market has dropped to $3.63 billion, far below the $8.36 billion level seen on Oct. 10.
A decline in open interest is often viewed as a sign that traders are closing positions and stepping back from the market, which can signal weakening conviction in the current trend.
Adding to this, the long/short ratio below 1 at 0.88 suggests that more traders are betting on further downside for the token in the days ahead. Such a bearish tilt may have further influenced sentiment among spot market participants.