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Why Did Ripple’s (XRP) Price Crash by 18% in 36 Hours?
Ripple’s XRP price has plummeted by a staggering 18% in just 36 hours, dropping from over $2.7 to under $2.25. This unexpected crash has left many investors scratching their heads, wondering what could be behind such a drastic decline.
At first glance, it may seem that the recent market-wide correction following the Fed’s latest rate cut could be the sole culprit behind this catastrophic drop. However, considering XRP’s impressive 60% surge in value over the past week, combined with its sudden reversal, it’s clear there must be more to the story.
One possible explanation lies in the asset’s price movements around the RLUSD launch earlier this week. On Monday evening, XRP skyrocketed to a multi-week peak of $2.73 after the company behind it announced that its long-anticipated stablecoin would be launched on December 17. The positive momentum continued on the launch date as XRP jumped even higher before eventually retracing and dropping to $2.5 earlier today.
However, this price action doesn’t seem to fully explain the magnitude of yesterday’s sell-off, which saw Ripple’s value plummet by over 11% in a single day. Although some may attempt to write off this crash as simply another market correction, it would be wise to consider alternative factors that could have contributed to XRP’s dramatic decline.
It’s possible that investors are reevaluating their exposure to Ripple and its associated tokens following the recent launch of RLUSD. This new asset may not be meeting expectations, leading some holders to reassess their positions and offload any excess XRP onto the market.
Source: cryptopotato.com
