Bitcoin

<p>XRP, the cryptocurrency closely associated with Ripple, experienced a sharp 8% drop today, bringing its <a href="https://markets.coinpedia.org/xrp/" target="_blank" rel="noreferrer noopener">price down to $2.36</a>. This unexpected dip, the steepest in over two months, has left investors puzzled, especially as the token remains near its all-time highs. So, what triggered this bearish momentum?</p>   
<h2 class="wp-block-heading" id="h-ripple-ceo-s-missed-opportunity">Ripple CEO’s Missed Opportunity?</h2>   
<p>A major factor behind XRP’s decline seems to be Ripple CEO Brad Garlinghouse’s <a href="https://coinpedia.org/news/ripple-vs-sec-garlinghouse-reveals-150m-loss-in-sec-battle-slams-gensler/" target="_blank" rel="noreferrer noopener">recent appearance</a> on CBS’s <em>60 Minutes</em>. While the interview tackled some of Ripple’s challenges, it conspicuously omitted a critical point: a Federal Judge’s ruling that <a href="https://coinpedia.org/news/ripple-vs-sec-why-is-the-sec-still-calling-xrp-a-security/" target="_blank" rel="noreferrer noopener">XRP is not a security.</a></p>   
<p>This omission did not sit well with the crypto community. Garlinghouse himself expressed frustration, calling it a missed opportunity to shed light on Ripple’s ongoing legal battles. Following the broadcast, XRP’s price plummeted by 8%, hitting $2.35 within a single day.</p>   
<h2 class="wp-block-heading" id="h-liquidations-add-more-pressure">Liquidations Add More Pressure</h2>   
<p>XRP's drop became even worse due to a surge in liquidations. In the past 24 hours, over $14.5 million worth of long positions on <a href="https://www.coinglass.com/currencies/XRP" target="_blank" rel="noreferrer noopener nofollow">XRP were liquidated</a>. This was part of a broader $358 million sell-off across the crypto market, which triggered a ripple effect, pushing prices down further.</p>   
<p>Increased market activity was evident as XRP’s trading volume soared to $12 billion within the last day. However, the selling pressure also dragged XRP’s market capitalization below $136 billion, pushing it behind Tether (USDT) in the cryptocurrency rankings.</p>   
<p>Another <a href="https://coinpedia.org/news/crypto-market-today-bitcoin-holds-99k-link-leads-top-100-gainers/" target="_blank" rel="noreferrer noopener">contributing factor is profit-taking</a>. Many investors appear to be cashing in after XRP’s strong rally earlier in November. Additionally, market attention is shifting towards Bitcoin and Ethereum, further reducing demand for XRP.</p>   
<p class="has-background" style="background-color:#e9f0ff"><strong>Curious about where XRP is headed? Read our long term&nbsp;<a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/" target="_blank" rel="noreferrer noopener">XRP price prediction</a>&nbsp;to uncover insights on potential breakouts and future trends!</strong></p>   
<h2 class="wp-block-heading" id="h-can-xrp-recover-key-levels-to-watch">Can XRP Recover? Key Levels to Watch</h2>   
<p>From a <a href="https://coinpedia.org/news/xrp-price-prediction-for-december-9/" target="_blank" rel="noreferrer noopener">technical perspective</a>, XRP has fallen below critical support levels, including $2.45. This suggests the potential for further short-term declines. However, there are glimmers of hope for the token.</p>   
<p>Currently hovering around the 23.6% Fibonacci retracement level at $2.33, XRP could find support at this zone. Analysts believe that breaking above $3 could reignite bullish momentum and set the stage for a rally toward $5.</p>   [article_inside_subscriber_shortcode title="Never Miss a Beat in the Crypto World!" description="Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more." category_name="News" category_id="6"]   
<p>For now, short-term sentiment remains bearish, with negative funding rates and declining trader confidence weighing on the token. Despite this, XRP’s long-term prospects remain promising, provided it can weather the current storm.</p>   
<h2 class="wp-block-heading" id="h-faqs">FAQs</h2>   
<div class="schema-faq wp-block-yoast-faq-block">
 <div class="schema-faq-section" id="faq-question-1733751643223">
  <strong class="schema-faq-question"><strong><strong>How much will XRP be worth by the end of 2025?</strong></strong></strong> 
  <p class="schema-faq-answer">XRP might reach a high of $3.99 or an average of $3.07.</p> 
 </div> 
 <div class="schema-faq-section" id="faq-question-1733751730564">
  <strong class="schema-faq-question"><strong><strong>How much is XRP worth?</strong></strong></strong> 
  <p class="schema-faq-answer">At the time of writing, the price of 1 XRP token was $2.44</p> 
 </div> 
 <div class="schema-faq-section" id="faq-question-1733751808361">
  <strong class="schema-faq-question"><strong>Why is XRP down?</strong></strong> 
  <p class="schema-faq-answer">XRP is down due to a combination of liquidations, negative market sentiment, and frustration over missed opportunities in Ripple's legal battles.</p> 
 </div> 
</div>

Why XRP Is Going Down: 8% Drop Explained!

Table of Contents

CoinPedia News

Other articles published on Dec 9, 2024

Big Bull Michael Saylor Reveals His Ultimate Goal for Bitcoin Price – “At the End of Everything”

Bagel Sunglass Cat: The Meme Cat-tastrophe You’ve Been Waiting For

Economist explains why crypto and stock prices may crash in 2025

21Shares Introduces Four New ETPs for Pyth, Ondo, Render, and Near

Amazon Shareholders Urge Bitcoin Adoption as Treasury Asset to Protect Value

The Future of Payments: Key Trends to Watch in 2025

Join our free newsletter for daily crypto updates!