📉 XRP Drops 8% Amid Market Uncertainty
XRP, closely tied to Ripple, saw an 8% dip today, bringing its price to $2.36. This steep decline, the largest in over two months, has left investors questioning the reasons behind the bearish momentum.
🤔 Ripple CEO’s Missed Opportunity
Ripple CEO Brad Garlinghouse’s appearance on CBS’s 60 Minutes sparked frustration among the crypto community. While he addressed Ripple’s challenges, he failed to highlight a key Federal Judge ruling that XRP is not a security. This omission disappointed investors, coinciding with XRP’s sharp drop to $2.35.
💸 Liquidations and Market Sell-Off
The decline was worsened by $14.5 million worth of long positions being liquidated in the last 24 hours. This contributed to a broader $358 million sell-off across the crypto market. XRP’s trading volume spiked to $12 billion, but selling pressure dragged its market cap below $136 billion, slipping behind Tether (USDT).
📊 Profit-Taking and Market Shifts
Investors appear to be cashing out after XRP’s November rally, while market attention shifts to Bitcoin and Ethereum. This reduced demand has added to the downward pressure on XRP.
🔍 Can XRP Recover?
XRP is hovering near the 23.6% Fibonacci retracement level at $2.33, which could act as a support zone. Analysts suggest breaking above $3 may reignite bullish momentum, potentially targeting $5. For now, sentiment remains bearish due to negative funding rates and declining trader confidence. Despite the downturn, XRP’s long-term outlook stays optimistic if it can navigate the current challenges.
Top comments (0)