NEW YORK, February 2, 2026, 13:36 EST — Regular session.
XRP was last up about 1.4% at around $1.63, after trading as low as $1.53 in the past 24 hours, data from CoinMarketCap showed. Trading volume over that period was about $5.7 billion, leaving the token with a market value just under $100 billion. Bitcoin and ether were also slightly higher on the day, though both remained choppy after a sharp weekend swing. (CoinMarketCap)
The bounce comes as crypto traders reassess how much easy-money support is left for speculative assets. Bitcoin slid below $80,000 over the weekend after Donald Trump picked former Federal Reserve governor Kevin Warsh to lead the central bank, a move that fed worries about tighter liquidity and a smaller Fed balance sheet. “Sometimes these price adjustments feed on themselves,” Brian Jacobsen, chief economist at Annex Wealth Management, said. (Reuters)
The pressure was not just crypto. A sharp drop in precious metals set off a wider dash for cash across markets, with analysts pointing to margin calls and forced deleveraging — investors selling what they can, not just what they want. “It’s risk-off and de-leveraging,” said Christopher Forbes at CMC Markets. (Reuters)
Leverage is the other part of the story. Roughly $2 billion worth of crypto positions were liquidated in the past 24 hours, according to a report by The Economic Times — liquidations are forced closings of leveraged bets when losses breach margin limits. “Until macro stability returns and ETF inflows resume, crypto markets are likely to remain defensive,” Riya Sehgal, a research analyst at Delta Exchange, told the publication. (The Economic Times)
XRP also had a token-specific catalyst to digest: the monthly escrow churn tied to Ripple. Blockchain tracker Whale Alert posted a series of transactions showing four “unlocked” tranches totalling 1 billion XRP (400 million, 100 million, 400 million, 100 million), followed later by 300 million and 400 million moved back into escrow — a mechanism designed to control how much supply hits the market at once. (Telegram)
None of that guarantees direction. It does, however, keep traders focused on liquidity — order books can thin out fast, and small price gaps become big ones when positions are crowded.
Macro uncertainty is adding to the noise. The U.S. Bureau of Labor Statistics said the January employment report will not be released on Friday because of a partial U.S. government shutdown, and would be rescheduled once funding resumes, according to Emily Liddel, an associate commissioner at the agency. (Reuters)
In Washington, the U.S. House of Representatives was taking up legislation on Monday that would lift the shutdown, with a final vote expected on Tuesday, a Reuters report said. The funding lapse began over the weekend after a dispute over immigration enforcement complicated efforts to pass spending legislation. (Reuters)
But the XRP rebound still looks fragile. If the metals rout keeps driving margin calls, or if the dollar strengthens on expectations of tighter Fed policy, crypto can slip back into forced selling quickly — especially where leverage is still being cleared.
The calendar is not empty, either. The Fed’s schedule shows minutes from the January 27–28 policy meeting are due on February 18, a release that often shifts expectations for rates and liquidity. (Federal Reserve)
Meanwhile, the BLS calendar still lists February 6 at 08:30 a.m. for the January jobs report — even as the agency has said the release is delayed by the shutdown — leaving traders to watch for a rescheduled date once funding is restored. (Bureau of Labor Statistics)
For XRP, the next test is simple: whether the market gets relief from Washington headlines and settles down enough for spot buying to matter again. Until then, it is still trading like a macro-sensitive risk token, not a standalone story.
