bullish

Cardano

Jerome Powell

Dark

TL;DR
<ul>
 <li> XRP experienced a sharp decline, briefly falling below $2.20 following a broader crypto market correction.</li>
 <li>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.</li>
</ul>
<h2 id="span-data-preserver-spaces-true-a-href-https-cryptopotato-com-wp-content-uploads-2024-12-xrp_cb-73-jpg-data-wpel-link-internal-rel-noopener-noreferrer-nofollow-a-span"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/XRP_CB-73.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a></h2>
<h2 id="xrp-follows-the-market-decline">XRP Follows the Market Decline</h2>
Despite the enhanced volatility, the first half of December has been quite successful for Ripple’s XRP. 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.
However, things took a sudden turn on December 18, with XRP plunging below $2.30. Several 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.&nbsp;
<figure id="attachment_375495" aria-describedby="caption-attachment-375495" style="width: 100%" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2024/12/XRP-Price-7.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img class="wp-image-375495" src="https://cryptopotato.com/wp-content/uploads/2024/12/XRP-Price-7.png" alt="XRP Price" width="566" height="400" srcset="https://cryptopotato.com/wp-content/uploads/2024/12/XRP-Price-7.png 835w, https://cryptopotato.com/wp-content/uploads/2024/12/XRP-Price-7-300x212.png 300w, https://cryptopotato.com/wp-content/uploads/2024/12/XRP-Price-7-768x543.png 768w, https://cryptopotato.com/wp-content/uploads/2024/12/XRP-Price-7-50x35.png 50w" sizes="(max-width: 566px) 100vw, 566px"></a>
 <figcaption id="caption-attachment-375495" class="wp-caption-text">
 XRP Price, Source: CoinGecko
 </figcaption>
</figure>
Perhaps the most obvious factor that has impacted the price of the token is<a href="https://cryptopotato.com/liquidations-skyrocket-beyond-1-billion-as-btc-altcoins-bleed-out-heavily-again/" data-wpel-link="internal" rel="noopener noreferrer nofollow"> the severe correction</a> of the entire cryptocurrency sector. The global crypto market capitalization is down almost 9% in the last 24 hours, currently set at around $3.42 trillion (CoinGecko’s data).
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.&nbsp;
The market started bleeding heavily shortly after the Federal Reserve <a class="editor-rtfLink" href="https://cryptopotato.com/bitcoin-price-tumbles-toward-100k-despite-feds-latest-rate-cut/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">announced</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.&nbsp;
In addition to that, the spot Bitcoin ETFs witnessed their biggest outflows in a single day. As CryptoPotato <a class="editor-rtfLink" href="https://cryptopotato.com/fed-effect-biggest-net-outflow-day-for-bitcoin-etfs-led-to-crash-below-96k/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reported</a>, over $670 million were withdrawn from the financial vehicles in total on a 24-hour scale, with Fidelity’s FBTC and Grayscale’s BTC leading the pack – $208.5 and $188.6 million, respectively.
<h2 id="span-data-preserver-spaces-true-xrp-s-next-potential-targets-span">XRP’s Next Potential Targets</h2>
Despite the substantial plunge, numerous analysts remain optimistic that XPR’s bull run is far from over. The popular X user Crypto Bitlord <a class="editor-rtfLink" href="https://x.com/crypto_bitlord7/status/1869915694621397379" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">believes</a> the latest correction has represented a local bottom, after which XRP could surge to as high as $5.&nbsp;
Other market observers who recently chipped in are Dark Defender and Armando Pantoja. The former <a class="editor-rtfLink" href="https://cryptopotato.com/top-ripple-xrp-price-predictions-as-of-late-5/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">set</a> $5.85 and $8.76 as short-term targets, while the latter assumed XRP could&nbsp;be headed toward $2.78 and then $3.87. Pantoja went even further, <a class="editor-rtfLink" href="https://x.com/_TallGuyTycoon/status/1869492140331671792" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">predicting</a> a mass FOMO effect if the price reach $10-$12, and “that’s when it will get crazy.”
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The post <a href="https://cryptopotato.com/why-is-the-ripple-xrp-price-down-today-5/" rel="noopener noreferrer nofollow">Why is the Ripple (XRP) Price Down Today?</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Why is the Ripple (XRP) Price Down Today?

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