Why Is XRP Down Today? April 24 Market Breakdown

1. XRP Slides 5% Amid Broader Market Correction

XRP price dropped to $2.16 on April 24, marking a 5% decline in the last 24 hours. The downturn is part of a broader market pullback, but specific events related to the XRP ecosystem have intensified the sell-off.

2. Backdoor Vulnerability Shakes Investor Confidence

The XRP Ledger Foundation confirmed a backdoor vulnerability in one of its JavaScript libraries on April 22, a discovery initially made by Aikido Security on April 21.

The backdoor allowed attackers to potentially steal private keys and access wallets. Although no active exploitations have been reported, the risk of supply chain attacks spooked investors.

The compromised library has since been patched and removed, but the incident raised serious concerns over code security and dependency management.

3. Decline in Open Interest Signals Waning Bullish Momentum

Over the last 24 hours:

Open interest (OI) fell 6.7% to $3.90B, suggesting reduced market participation and trader confidence.

Long liquidations totaled $11.61 million, dwarfing the $1.58 million in shorts—indicating that bullish traders were hit hardest.

This imbalance shows that bulls were forced to sell into weakness, exacerbating the price drop.

4. Trading Metrics Reveal Cooling Sentiment

Long/short ratio: 0.9399

24h trading volume: Down 22% to $8.82B

These figures support the idea that interest in buying XRP—especially at higher prices—is weakening in the short term.

5. Technical Outlook: Bull Flag in Play?

Despite today’s dip, XRP still trades above key moving averages (200-day and 50-day SMAs) and appears to be forming a bull flag, a continuation pattern suggesting further upside if resistance is cleared.

A 4-hour close above $2.18, and ideally above $2.30, could ignite a rally toward $2.42. However, a breakdown below $2.18 may extend losses to the $2.10–$2.13 zone.

Popular analyst Dom notes that XRP must clear $2.20 resistance to resume its bullish trajectory toward $2.40+.