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𝐖𝐡𝐲 𝐈𝐬 𝐗𝐑𝐏 𝐏𝐫𝐢𝐜𝐞 𝐃𝐞𝐜𝐥𝐢𝐧𝐢𝐧𝐠 𝐓𝐨𝐝𝐚𝐲?
XRP, the cryptocurrency linked to Ripple, has dropped nearly 8% today, bringing its price down to $2.36—the largest decline in over two months. This sudden downturn has raised questions among investors despite XRP's proximity to all-time highs.
A significant factor in this decline is Ripple CEO Brad Garlinghouse’s recent CBS interview, which highlighted Ripple’s challenges but omitted key information, such as a Federal Judge’s ruling that XRP is not a security. This omission disappointed many in the crypto community and led to an 8% price drop.
The situation worsened with over $14.5 million in long positions liquidated in the past 24 hours, contributing to a broader $358 million sell-off in the crypto market. XRP’s trading volume surged to $12 billion, but this selling pressure caused its market cap to fall below $136 billion, pushing it behind Tether (USDT) in rankings. Additionally, profit-taking after XRP's November rally and shifting interest toward Bitcoin and Ethereum have reduced demand for XRP.
From a technical standpoint, XRP has broken below key support levels, suggesting further declines may be possible. However, it is currently near the 23.6% Fibonacci retracement level at $2.33, which could act as support. Analysts believe that if XRP can surpass $3, it may pave the way for a rally toward $5. For now, short-term sentiment remains bearish due to negative funding rates and declining trader confidence.$XRP
XRP, the cryptocurrency linked to Ripple, has dropped nearly 8% today, bringing its price down to $2.36—the largest decline in over two months. This sudden downturn has raised questions among investors despite XRP's proximity to all-time highs.
A significant factor in this decline is Ripple CEO Brad Garlinghouse’s recent CBS interview, which highlighted Ripple’s challenges but omitted key information, such as a Federal Judge’s ruling that XRP is not a security. This omission disappointed many in the crypto community and led to an 8% price drop.
The situation worsened with over $14.5 million in long positions liquidated in the past 24 hours, contributing to a broader $358 million sell-off in the crypto market. XRP’s trading volume surged to $12 billion, but this selling pressure caused its market cap to fall below $136 billion, pushing it behind Tether (USDT) in rankings. Additionally, profit-taking after XRP's November rally and shifting interest toward Bitcoin and Ethereum have reduced demand for XRP.
From a technical standpoint, XRP has broken below key support levels, suggesting further declines may be possible. However, it is currently near the 23.6% Fibonacci retracement level at $2.33, which could act as support. Analysts believe that if XRP can surpass $3, it may pave the way for a rally toward $5. For now, short-term sentiment remains bearish due to negative funding rates and declining trader confidence.$XRP
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