As a seasoned researcher with years of experience in the volatile and unpredictable world of cryptocurrencies, I’ve seen my fair share of market rollercoasters – but the journey of XRP has been nothing short of a thrilling ride.
TL:DR;
- XRP continues to dig new local bottoms as the asset slumped to a multi-day low of under $2 twice in the past 24 hours.
- This comes just a few days after some analysts speculated that Ripple’s token had already peaked during this cycle.
Refresh your memory about the significant increase in XRP’s value that commenced following Donald Trump’s win in the U.S. Presidential election, and further accelerated when it was announced that current SEC Chair Gary Gensler would step down on January 20, 2025.
In just one month, the value of this borderless digital currency soared more than four times its initial value, climbing from around $0.6 to nearly $3 – a record high for its price since early 2018.
Nevertheless, at this point, the asset’s trajectory shifted dramatically as it began to slow down significantly, despite the community’s expectations of a surge past $3 and possibly setting a new record high beyond $3.4.
On December 5th, as per CryptoPotato’s report, XRP experienced a 17% drop over a span of two days. This led some individuals to ponder whether XRP might have reached its peak for this particular cycle and could potentially continue to decrease in the coming days.
They supported their stance by crediting the significant advances recorded predominantly throughout November to the excitement surrounding the anticipated changes in both the U.S. and the Securities and Exchange Commission (SEC), specifically. Following Trump’s declaration of the new SEC Chair, who is indeed pro-cryptocurrency, XRP began to plummet dramatically – a typical instance of ‘selling the news’.
As an analyst, I’ve noticed that the value of Ripple’s coin dipped down to $2.2 at a certain point. In the subsequent days, it showed some resilience and rose to $2.6, but since the beginning of this current business week, it seems to be in a downward spiral. Just moments ago, it dipped below $2 for the second time within the past 24 hours.
Currently, its market capitalization is struggling to hold onto the third position compared to Tether, with a drop to approximately $114 billion, which is $24 billion less than Tether’s current value.
As a researcher, I find that XRP stands out as one of the only larger-cap alternatives experiencing significant, double-digit price drops daily. Notably, it ranks among the weakest performers within the top 15 cryptocurrencies, with Shiba Inu being the only other contender in this category.
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2024-12-10 20:02