{"id":29526,"date":"2024-12-18T21:25:11","date_gmt":"2024-12-18T21:25:11","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29526"},"modified":"2024-12-18T21:25:11","modified_gmt":"2024-12-18T21:25:11","slug":"why-did-ripples-xrp-price-crash-by-18-in-36-hours","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29526","title":{"rendered":"Why Did Ripple\u2019s (XRP) Price Crash by 18% in 36 Hours?"},"content":{"rendered":"

TL:DR;<\/strong><\/p>\n

XRP was the top performer from the larger-cap alts until yesterday afternoon, but its price has tumbled hard by double digits since then.
\nCould that be related only to the market-wide retracement, or is there more to the story, such as another \u2018sell-the-news\u2019 event?<\/p>\n

<\/a><\/p>\n

Recall the price developments around XRP that took place earlier this week. The asset stood at around $2.35 but exploded<\/a> on Monday evening to almost $2.6 after the company behind it announced that its long-anticipated stablecoin would be launched on the next day \u2013 December 17.<\/p>\n

The positive movements continued on the launch date<\/a> as XRP skyrocketed to a multi-week peak of $2.73 (on Bitstamp and other exchanges).<\/p>\n

However, Ripple\u2019s cross-border token failed to maintain its momentum despite multiple highly bullish price predictions.<\/a><\/p>\n

Just the opposite, it started to retrace and dropped to $2.5 earlier today before the market-wide correction<\/a> after the Fed\u2019s latest rate cut pushed it south violently to a 6-day low of $2.23.<\/p>\n

Although this plunge could be attributed to the overall crypto market drop, XRP\u2019s retracement is more painful than most, being down by 11% on a 24-hour scale and by 15% on a 36-hour one.<\/p>\n

<\/a>XRPUSD. Source: TradingView<\/p>\n

As such, this could go under the \u2018sell-the-news\u2019 category, given the fact that XRP jumped ahead of the RLUSD launch, and its price has tumbled after the new token actually went live for trading.<\/p>\n

Additionally, the situation around a potential XRP ETF in the States doesn\u2019t seem too bright, at least according to experts on the matter. As reported<\/a> earlier, Bloomberg\u2019s Eric Balchunas warned that Ripple might be behind other projects that could be greenlighted first, such as Litecoin and Hedera.<\/p>\n

The ETF expert predicted that such a wait could be related to Ripple\u2019s ongoing legal tussle with the US Securities and Exchange Commission even though there will be a seismic shift in the agency\u2019s leadership in the next few months.<\/p>\n

The post Why Did Ripple\u2019s (XRP) Price Crash by 18% in 36 Hours?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL:DR; XRP was the top performer from the larger-cap alts until yesterday afternoon, but its price has tumbled hard by double digits since then. Could that be related only to the market-wide retracement, or is there more to the story, such as another \u2018sell-the-news\u2019 event? Recall the price developments around XRP that took place earlier […]<\/p>\n","protected":false},"author":0,"featured_media":29527,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29526"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29526"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/29527"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}