Hold onto your hats, crypto enthusiasts, because there's a whirlwind surrounding XRP today! The entire crypto market is seeing red, but what's really behind XRP’s nosedive?
Let's rewind the tape a bit. Remember the good ol' days when XRP was having a party, thanks to Donald Trump’s presidential win and the news that SEC Chair Gary Gensler would be stepping down in January 2025? Those announcements sent XRP rocketing up by a jaw-dropping 400%! It went from less than $0.6 to nearly $3, its highest peak since the early days of 2018.
But, like all good parties, this one had to end sometime. Just when everyone thought XRP would smash through the $3 barrier and maybe even hit a new all-time high over $3.4, things took a nosedive. On December 5, XRP plunged by 17% in just two days, leaving many to wonder if the token had already hit its peak this cycle.
The buzz around the new, crypto-friendly SEC Chair seemed to be the fuel for November's gains. But once the news settled, XRP took a classic ‘sell-the-news' dive. It tumbled to $2.2, bounced back to $2.6, but then began a downward spiral again at the start of this week. Just moments ago, it dipped below $2 for the second time since yesterday evening.
With XRP’s market cap slipping to $114 billion, it’s losing its grip on the third spot to Tether, which is $24 billion ahead. Among the big players, XRP is one of the few altcoins suffering double-digit percentage drops daily, only outperformed in the poor performance category by Shiba Inu.
So, what’s next for XRP? Will it bounce back like a resilient superhero, or is it in for a longer slump? Stay tuned as the crypto drama unfolds!
