XRP's price movement today is largely influenced by Ripple holders cashing out to invest in other cryptocurrencies like Dogecoin and Rollblock. This shift comes after XRP's impressive rally, which saw its price surge over 400% in just 30 days. The recent sell-off is attributed to investors seeking potentially higher returns from emerging platforms, such as Rollblock, which promises significant gains due to its innovative utility in the online gambling space. This has led to a temporary dip in XRP's price as it seeks support around the $2.40 level.
Despite the sell-off, XRP's long-term outlook remains positive, bolstered by the anticipation of regulatory changes in the U.S. that could favor Ripple. Reports suggest that the incoming administration might shift crypto regulation from the SEC to the CFTC, potentially easing the legal pressures on Ripple. This regulatory shift, coupled with the recent leadership changes at the SEC, has improved investor sentiment towards XRP, keeping its price buoyant despite the current volatility.
XRP has experienced a 2.84% increase today, with its price reaching $2.494277. The cryptocurrency hit a high of $2.498400 and a low of $2.396862 during the day.