XRP Falls as China's Record-Breaking CXMT IPO Triggers Broad Market Risk-Off
On July 28, 2026, XRP fell to the $1.05-$1.06 range following China's largest-ever IPO by ChangXin Memory Technologies (CXMT), a state-backed chipmaker that surged 466% on its Shanghai debut to a $550 billion valuation. The event triggered a broad risk-off wave across Asian equity markets, with South Korea's KOSPI falling 10.84%, Japan's Nikkei 225 dropping 3.95%, and U.S. semiconductor stocks declining. Bitrue Research Institute analyzed that XRP's pullback was a leverage flush from short-term traders rather than a fundamental breakdown, noting long-term holders remained resilient. The article also examines potential XRP price scenarios based on the upcoming Federal Reserve interest rate decision on July 29, with base, bull, and bear cases outlined. XRP was trading at $1.06 at the time of writing.
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