XRP's price experienced a significant drop today, largely attributed to Ripple CEO Brad Garlinghouse's appearance on "60 Minutes." The interview, which was expected to bolster XRP's recent rally, instead led to a sharp reversal. Garlinghouse expressed frustration over the omission of key details, particularly the 2023 federal ruling that XRP is not a security. This omission, coupled with the broader market's downturn, contributed to XRP's decline. The interview's fallout was compounded by a surge in liquidations, with over $14.5 million worth of long positions on XRP being liquidated, further exacerbating the price drop.
The broader cryptocurrency market also faced headwinds, with Bitcoin's failure to maintain its position above $100,000 leading to a market-wide slide. This downturn affected major cryptocurrencies, including XRP, which saw a decline alongside other altcoins. The market's negative sentiment was reflected in the liquidation of $358 million across the crypto market, highlighting the volatility and investor caution currently prevailing. Additionally, profit-taking by investors following XRP's strong rally in November has added to the selling pressure.
XRP's price has fallen by 15.49% today, reaching a low of $2.203932.