Why did XRP drop 5% today?

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As of December 30, the overall performance of the global cryptocurrency market is relatively weak, with a market capitalization of $3.43 trillion, down 2.8% in the past 24 hours. Major cryptocurrencies show significant differences in performance, with Bitcoin (BTC) and Ripple (XRP) both experiencing varying degrees of decline, while Ethereum (ETH) and Solana (SOL) performed relatively well. Here is a detailed analysis:

Market Overview

Market capitalization and trading volume: The overall cryptocurrency market capitalization is $3.43 trillion, with a 24-hour trading volume of $123.37 billion, indicating low market activity. Lower trading volume typically suggests a cautious market sentiment, with investors potentially in a wait-and-see mode.

Major cryptocurrencies performance:

Bitcoin (BTC): BTC trading price is $93,652.80, down 1.3% in the past 24 hours, with a market capitalization of $1.85 trillion and a 24-hour trading volume of $34.99 billion. Bitcoin remains at a high price level, but the market has failed to effectively break through the key resistance level of $100,000, reflecting cautious market sentiment.

Ethereum (ETH): ETH trading price is $3,414.45, up 0.8%, with a market capitalization of $411.28 billion. ETH's performance is relatively strong, indicating that its demand in the market remains robust, especially as we approach 2025, when ETH may experience stronger upward momentum.

Ripple (XRP): XRP trading price is $2.07, down 5.1% in the past 24 hours, with a market capitalization of $118.68 billion. Although XRP has risen 233.65% since the beginning of the year and has increased by 8.2% in the past 30 days, its short-term performance is relatively weak. Especially during the Christmas period, XRP showed a significant downward trend, indicating increased market volatility.

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