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1. XRP falls to its weakest price in two years
XRP dropped to $0.89 late on November 14, 2026, its lowest price since early November 2024, as US-listed XRP exchange-traded funds recorded $19.13 million of net outflows last week, the biggest weekly withdrawal since March, and the combined supply of the USDT and USDC stablecoins shrank to $244 billion, the smallest since September 2025.
The slide did not happen in isolation. Bitcoin (BTC) and Ether (ETH) sank over the same period to price levels not seen since August, which places XRP's two-year low inside a broader retreat in which capital appears to be leaving the digital asset market through more than one channel at once.
For holders of the payments-focused token, the move marks another leg in a decline that has now run for well over a year. The token has lost 36% in the current quarter alone, and the latest drop erases the last of the ground it gained in the months that followed the US presidential election two years ago.
2. Why is XRP down?
XRP is down because money is flowing out of crypto on two fronts: investors have been redeeming shares of spot XRP ETFs, and the pool of dollar-pegged stablecoins that usually funds crypto purchases has been contracting at its fastest pace in years. Both trends reduce the amount of fresh buying available to absorb selling.
The ETF side shows up directly in fund flow data. US-listed XRP ETFs saw net outflows of $19.13 million last week, according to figures compiled by the data provider SoSoValue. That is the largest weekly outflow these products have posted since March 2026. When an ETF sees net redemptions, the issuer typically has less need to hold the underlying asset, so persistent outflows can translate into reduced demand for the token itself.
The stablecoin side is less visible to casual observers but arguably more important for the market as a whole. Stablecoins act as the main settlement currency on crypto exchanges, and a shrinking supply generally means fewer dollars parked on-chain and ready to be deployed into tokens like XRP.
Neither factor is unique to XRP. Bitcoin and Ether have also come under pressure, and their own ETFs have recently seen money leave. What sets XRP apart is the depth of its retreat from its peak and the relatively modest size of its ETF base, which leaves it with a smaller cushion of steady institutional demand.
3. A long slide from the July 2025 peak
The current low caps a downtrend that began more than 15 months ago. XRP climbed above $3.60 in July 2025, the high point of a powerful rally, and has been moving lower in a broad, persistent decline ever since.
Measured from that peak to the latest low of $0.89, the token has given up roughly three quarters of its value. The 36% loss recorded so far this quarter shows that the pace of the decline has picked up rather than eased as the year draws to a close.
The return to sub-dollar prices carries symbolic weight for many traders. The $1 level is a round number that market participants often treat as a psychological line, and trading below it for an extended period tends to sharpen attention on whether the token can find support at lower levels.
4. Echoes of November 2024
The last time XRP traded at these prices was early November 2024. That period could hardly have felt more different. Donald Trump had just won the US presidential election after campaigning on promises of a friendlier regulatory approach toward digital assets, and the crypto market was in the grip of strong buying interest.
In the months that followed, XRP was one of the standout performers of that rally, eventually reaching its July 2025 peak. The expectation of clearer rules in the United States, along with the prospect of spot ETFs for tokens beyond Bitcoin and Ether, helped fuel demand.
Two years later, the token is back where that surge began. The round trip underlines how much of the optimism priced in after the election has since been unwound, even though some of the developments that investors were anticipating at the time, including the launch of spot XRP ETFs, have actually taken place.
5. XRP ETF demand has been modest from the start
Spot XRP ETFs began trading in the United States in November 2025. Since their debut, the products have taken in about $1.5 billion in total. That is a meaningful sum in isolation, but it is small next to the several billion dollars that have poured into spot Bitcoin and Ether ETFs.
The comparison matters because ETF inflows were widely expected to provide a steady, structural source of demand for the tokens they hold. For Bitcoin, spot ETFs became one of the largest buyers in the market. For XRP, the more limited take-up means that the funds have not built up the same kind of base that could offset selling elsewhere.
This also helps explain why a weekly outflow of $19.13 million, small in absolute terms, still registers as notable. Relative to a product group with roughly $1.5 billion of cumulative inflows, it is the largest weekly exit since March, and it adds to the sense that institutional appetite for the token is fading rather than building.
Bitcoin and Ether ETFs, for their part, have not been immune. Those products have also seen money leave in recent sessions, which points to a broader pullback in institutional exposure to crypto rather than a rotation away from XRP specifically.
6. Stablecoin news today: USDT and USDC supply falls to $244 billion
The combined market capitalization of Tether's USDT and Circle's USDC, the two largest dollar-backed stablecoins, has dropped to $244 billion. That is the lowest level since September 2025, and it signals that capital is leaving crypto through channels beyond the ETF market.
The decline has been steep. The pair's combined supply peaked near $270 billion in early May and has fallen sharply over the past seven weeks, retreating in an almost unbroken line rather than in fits and starts.
Analysts at the blockchain data firm Glassnode have highlighted the same trend from a slightly different angle. By their measure, stablecoin supply dropped by $17 billion over the past month, the steepest contraction since 2022. "Stablecoin supply is shrinking fast," the analysts wrote, arguing that when holders redeem their stablecoins for traditional currency, the buying power available to Bitcoin and the wider crypto market drains away with them.
7. Why stablecoin supply matters for crypto prices
Stablecoins are tokens designed to hold a steady value by tracking an outside reference, almost always the US dollar. Each USDT or USDC in circulation is meant to be backed by reserves held by its issuer, and new tokens are created when users deposit dollars and destroyed when they redeem them.
Because they combine the stability of the dollar with the speed and round-the-clock availability of a blockchain, stablecoins have become the preferred way to fund purchases of other cryptocurrencies. Traders park money in them between positions, exchanges quote many of their most active markets against them, and they are also widely used for cross-border payments.
That central role is why their total supply is closely watched as a gauge of liquidity. A growing stablecoin supply suggests that new dollars are entering the crypto system and are available to buy tokens. A shrinking supply suggests the reverse: holders are cashing out into the traditional financial system, taking potential buying power with them.
Glassnode's observation that the latest monthly contraction is the steepest since 2022 places the current period alongside one of the most difficult stretches in the market's history. The analysts did not claim that the two periods are equivalent, but the comparison illustrates how unusual the speed of the recent outflow has been.
8. Why is crypto crashing alongside XRP?
The wider crypto market is falling for many of the same reasons weighing on XRP: investors are withdrawing money from ETFs tied to major tokens and redeeming stablecoins for cash, which together reduce the pool of capital available to support prices. Bitcoin and Ether have both retreated to levels last seen in August.
When the largest assets in the market are under pressure, smaller tokens frequently feel the effect more sharply. Liquidity tends to thin out first in assets outside the top two, and XRP's 36% quarterly decline suggests it has been more exposed than the market leaders to the current wave of selling.
The two forces also tend to reinforce each other. Falling prices can encourage further redemptions from ETFs, while a shrinking stablecoin base leaves fewer buyers ready to step in when prices drop, a combination that can extend a downtrend until one of those flows changes direction.
9. What to watch next
The clearest signals for XRP in the weeks ahead are likely to come from the same two data sets that explain its latest fall. Weekly flow figures for US-listed XRP ETFs will show whether last week's $19.13 million outflow was a one-off or the start of a more sustained exit from the products.
Stablecoin supply is the second indicator to monitor. A stabilization in the combined USDT and USDC market capitalization, currently at $244 billion, would suggest that the steady drain of dollars out of crypto is slowing. A continued slide would point to further tightening in the liquidity that underpins prices across the market.
Traders will also be watching how XRP behaves around its new low of $0.89 and the $1 level just above it, as well as the direction of Bitcoin and Ether, whose moves have set the tone for the wider market throughout the current decline.