In the first quarter of 2026, the crypto market underwent a fierce restructuring amid macro volatility and structural adjustments. As one of the leading cryptocurrencies by market capitalization, XRP experienced a significant retracement of about 40% after reaching a high of $2.35 in January following regulatory victories and the ETF listing boom in 2025. The price once approached the $1.10 level. As of February 28, 2026, according to Gate Market data, XRP is priced at $1.34 USD, with a 24-hour trading volume of $74.22M USD and a market cap of $82.53B USD. On the surface, this appears to be a destructive price collapse. However, a deeper analysis of on-chain data and derivatives structures reveals that this decline is not simply the end of a bull market but more like an extreme stress test of market participants' resilience. This article will analyze the current situation through a structured approach to dissect this round