XRP Price Faces Its Largest Drop Since December

The cryptocurrency market has faced a sharp downturn, with its overall market cap dropping nearly 9% in a single day. XRP was hit particularly hard, plunging 10% and recording its steepest one-day loss since December 9. This significant decline has drawn sharp remarks from crypto critics, including Messari founder Ryan Selkis.

Ryan Selkis Slams XRP Again

Ryan Selkis of Messari didn’t mince words about XRP’s situation, taking to X (formerly Twitter) to share a biting comment. He humorously suggested it might now be the perfect time to buy XRP, noting that its valuation had fallen below the combined worth of major companies like Coinbase, MicroStrategy, and SoftBank.

Now that XRP has fallen below the value of Coinbase, Microstrategy, and Softbank (combined), it’s looking like a good buy again.
— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) December 19, 2024

His remark followed a previous criticism where he dismissed the XRP community as “worthless bot groups,” intensifying his ongoing criticism of the asset.

The recent criticism seems to be a response to the backlash the former crypto executive received after attacking Ripple’s Chief Legal Officer, Stuart Alderoty, and the XRP community on the same day.

XRP’s Price Slide: Market and Macro Factors

XRP’s price has been heavily affected by the broader market slump, with the token losing 21% over the past two days. It fell from highs of $2.59 to lows of $2.05, signaling growing investor uncertainty.

This decline coincided with the Federal Reserve’s announcement to reduce expected rate cuts for 2025. The news dampened optimism in risk markets, including cryptocurrencies, and has added to the bearish sentiment surrounding XRP.

XRP Price Analysis

As of now, XRP is trading around $2.16, reflecting a drop of 10% in the last 24 hours. Despite this decline, the price seems to have found strong support just below its current level, giving some hope to traders.

Amid the drop, some analysts remain optimistic about XRP’s potential recovery. One of them, DarkDefender, noted a clear breakout on the daily chart. He predicts that XRP might first test $2.42 and, if momentum continues, push past $2.92.

Also Read :
Ryan Selkis Slams XRP Amid 21% Price Crash: Finally a “Good Buy”?
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FAQs

How did the Fed’s announcement affect XRP?

The Fed’s announcement of slower rate cuts for 2025 led to market uncertainty, contributing to XRP’s 21% price drop over the past two days.

Is XRP expected to recover after its price drop?

Analysts are optimistic, with XRP showing support around $2.16, and some predicting a potential price rebound to $2.42 or even $2.92.

Source: https://coinpedia.org/news/messari-founder-slams-xrp-again-as-xrp-price-drops-by-10/