XRP has seen its price drop today due to several factors affecting the market and cryptocurrencies. Here are the most important reasons based on reliable sites:
1. Legal issues:
The US Securities and Exchange Commission (SEC) has announced its intention to appeal its recent ruling against Ripple, raising fresh concerns about the currency’s legal status and adding to investor uncertainty.
2. Geopolitical tensions:
Rising international tensions have prompted investors to avoid high-risk assets, including cryptocurrencies, which has negatively impacted XRP’s performance.
3. Market correction:
After XRP reached record highs above $2.90, the coin saw a correction as a result of profit-taking selling. This move is normal after such a large rise.
4. Market focus shifts towards Bitcoin:
The massive surge in Bitcoin's price, which has surpassed $100,000, has drawn attention away from altcoins like XRP, impacting their performance.
5. Bearish indicators:
Declining open interest and rising liquidations on XRP indicate a short-term selling bias in the market.
Are there any positive signs?
Despite the downward pressure, data indicates significant outflows of XRP from exchanges, reflecting long-term confidence among large investors.
What do you think about XRP's performance? Share your thoughts in the comments!
