{"id":29931,"date":"2024-12-20T09:21:22","date_gmt":"2024-12-20T09:21:22","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=29931"},"modified":"2024-12-20T09:21:22","modified_gmt":"2024-12-20T09:21:22","slug":"why-is-the-ripple-xrp-price-down-today-2","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=29931","title":{"rendered":"Why is the Ripple (XRP) Price Down Today?"},"content":{"rendered":"

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

XRP experienced a sharp decline, briefly falling below $2.20 following a broader crypto market correction.<\/span>
\nDespite the dip many analysts foresee the asset rebounding to targets as high as $5, with some projecting even greater peaks if a FOMO-driven rally occurs.<\/p>\n

<\/a><\/span><\/h2>\n

XRP Follows the Market Decline<\/h2>\n

Despite the enhanced volatility, the first half of December <\/span>has been quite successful for Ripple\u2019s<\/span> XRP<\/span>.<\/span> At the start of the month, its price surpassed a multi-year high of $2.80, while at the beginning of this week, it consolidated above $2.50.<\/span><\/p>\n

However, things took a sudden turn on December 18, with XRP plunging below $2.30. S<\/span>everal hours ago, the valuation dipped under $2.20. Currently, XRP is around $2.23 after a slight rebound, which represents a 6% decline on a daily scale.\u00a0<\/span><\/p>\n

<\/a>XRP Price, Source: CoinGecko<\/p>\n

Perhaps the most obvious factor <\/span>that has impacted<\/span> the price of the token is the severe correction<\/a> of the entire cryptocurrency sector.<\/span> The global crypto market capitalization is down almost 9% in the last 24 hours, currently <\/span>set<\/span> at around $3.42 trillion (CoinGecko\u2019s data).<\/span><\/p>\n

Bitcoin (BTC), which hit a new all-time high of over $108,000 on December 17, is now worth less than $96,000. Ethereum (ETH) tumbled below $3,300, while Solana (SOL), Dogecoin (DOGE), Cardano (ADA), and many more are down by double digits.\u00a0<\/span><\/p>\n

The market started bleeding heavily shortly after the Federal Reserve <\/span>announced<\/span><\/a> its latest interest rate cut. It reduced the benchmark by 0.25%, but Jerome Powell hinted that next year, the policy might be halted due to an increase in the inflation rate.\u00a0<\/span><\/p>\n

In addition <\/span>to that<\/span>, the spot Bitcoin ETFs witnessed their biggest outflows in a single day. As <\/span>CryptoPotato<\/span><\/em> reported<\/span><\/a>, over $670 million were withdrawn from the financial vehicles in total on a 24-hour scale, with Fidelity\u2019s FBTC and Grayscale\u2019s BTC leading the pack \u2013 <\/span>$<\/span>208.5<\/span> and $188.6 million, respectively.<\/span><\/p>\n

XRP\u2019s Next Potential Targets<\/span><\/h2>\n

Despite the substantial plunge, numerous analysts remain optimistic that XPR\u2019s bull run is far from over. The popular X user Crypto Bitlord <\/span>believes<\/span><\/a> the latest correction has represented a local bottom, after which XRP could surge to as high as $5.\u00a0<\/span><\/p>\n

Other market observers who recently chipped in are Dark Defender and Armando Pantoja. The former <\/span>set<\/span><\/a> $5.85 and $8.76 as short-term targets, while the latter assumed XRP could\u00a0<\/span>be headed<\/span> toward $2.78 and then $3.87. Pantoja went even further, <\/span>predicting<\/span><\/a> a mass FOMO effect if the price reach $10-$12, and \u201cthat\u2019s when it will get crazy.\u201d<\/span><\/p>\n

\u00a0<\/p>\n

\u00a0<\/p>\n

The post Why is the Ripple (XRP) Price Down Today?<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR XRP experienced a sharp decline, briefly falling below $2.20 following a broader crypto market correction. Despite the dip many analysts foresee the asset rebounding to targets as high as $5, with some projecting even greater peaks if a FOMO-driven rally occurs. XRP Follows the Market Decline Despite the enhanced volatility, the first half of […]<\/p>\n","protected":false},"author":0,"featured_media":26258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-29931","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\/29931"}],"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=29931"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/29931\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/26258"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}