The cryptocurrency market recently experienced a significant downturn, with its overall market capitalization plummeting by nearly 9% in just one day. This dramatic decline has been particularly severe for XRP, which saw a steep drop of 10%, marking its most significant one-day loss since December 9. This downturn has not gone unnoticed, drawing critical remarks from various crypto analysts and critics, including Ryan Selkis, the founder of Messari.
Ryan Selkis Criticizes XRP Again
Ryan Selkis, known for his candid opinions on the cryptocurrency market, did not hold back his thoughts on XRP’s current situation. Taking to X (formerly Twitter), he delivered a sharp comment, humorously suggesting that it might be an opportune moment to invest in XRP, considering its valuation had dipped below the combined worth of major companies such as Coinbase, MicroStrategy, and SoftBank.
“Now that XRP has fallen below the value of Coinbase, Microstrategy, and Softbank (combined), it’s looking like a good buy again.” – Ryan Selkis (@twobitidiot) December 19, 2024
Selkis’s remark follows his previous criticism, where he dismissed the XRP community as “worthless bot groups,” further intensifying his ongoing critique of the asset. His recent comments seem to be a reaction to the backlash he received after targeting Ripple’s Chief Legal Officer, Stuart Alderoty, and the XRP community on the same day.
XRP’s Price Decline: Market and Macro Influences
XRP’s price has been significantly impacted by the broader market downturn, with the token losing 21% over the past two days. This decline saw its value fall from a high of $2.59 to a low of $2.05, highlighting increasing investor anxiety and uncertainty. This drop coincided with the Federal Reserve’s announcement to reduce anticipated rate cuts for 2025, which dampened optimism in risk markets, including cryptocurrencies, contributing to the bearish sentiment surrounding XRP.
XRP Price Analysis and Future Outlook
Currently, XRP is trading around $2.16, reflecting a 10% decrease over the last 24 hours. Despite this decline, the price appears to have found solid support just below its current level, offering some hope to traders and investors. Amid the decline, some market analysts remain optimistic about XRP’s potential for recovery. One such analyst, DarkDefender, highlighted a clear breakout on the daily chart. He predicts that XRP might initially test $2.42 and, if the momentum continues, push past the $2.92 mark.
- Also Read:
- Ryan Selkis Slams XRP Amid 21% Price Crash: Finally a “Good Buy”?
FAQs
How did the Fed’s announcement affect XRP?
The Federal Reserve’s announcement of slower rate cuts for 2025 led to increased market uncertainty, which contributed to XRP’s 21% price drop over the past two days.
Is XRP expected to recover after its price drop?
Analysts remain optimistic, with XRP showing support around $2.16. Some predict a potential price rebound to $2.42 or even as high as $2.92, depending on future market conditions and investor sentiment.
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