XRP, the fourth-largest cryptocurrency by market cap, experienced a significant drop of nearly 11% in a 24-hour period, currently valued at $2.41. This decline follows technical issues with the XRP Ledger, which was offline for about an hour. Over the past week, XRP has lost 21% of its value. Additionally, its open interest has fallen to a monthly low of $3.52 billion, down from a peak of $7.62 billion on January 17. The drop in open interest indicates a decrease in the number of unsettled futures contracts. Ripple, the creator of XRP, has been in the news for its involvement in political donations during the recent elections, with the intention of influencing crypto policy. Despite its recent troubles, XRP has seen a 377% increase in value over the last year, hitting a seven-year high of $3.38 in January, just shy of its previous peak in 2018. The broader crypto market also faced losses, with Bitcoin and other major cryptocurrencies declining.

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