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Why is the Ripple (XRP) Price Down Today?
Ripple’s XRP has plummeted in value over the past day, with its price dipping below $2.20 for a brief period before making a slight recovery to around $2.23. The steep decline comes amid a broader crypto market correction that saw Bitcoin fall by nearly 10% and Ethereum lose over 12%.
So, what could be driving this sharp downward trajectory?
The answer lies in the global cryptocurrency market capitalization, which has taken a severe hit. In the last 24 hours alone, the total value of all cryptocurrencies has plunged by almost 9%, falling to approximately $3.42 trillion.
Bitcoin, which had just reached an all-time high of over $108,000 on December 17, is now worth less than $96,000, a drop of nearly 10%. Ethereum’s valuation also took a significant hit, dipping below $3,300 and suffering losses in the double digits.
Other notable cryptocurrencies like Solana (SOL), Dogecoin (DOGE), Cardano (ADA) have all fallen by multiple digits.
The market started to deteriorate after the Federal Reserve announced its latest interest rate cut. However, Jerome Powell’s comments on inflation concerns have raised eyebrows as he hinted that the policy might be halted in the future due to rising inflation rates.
A sudden exodus of capital from Bitcoin ETFs has also had a significant impact on the overall market sentiment. It was reported that over $670 million were withdrawn from spot Bitcoin ETFs, with Fidelity’s FBTC and Grayscale’s BTC leading the pack with withdrawals of $208.5 and $188.6 million respectively.
In conclusion, it is clear that Ripple’s price drop today is a direct result of the broader market decline following these recent events.
Source: cryptopotato.com
