XRP's price has faced significant downward pressure today, largely due to a broader market correction affecting major cryptocurrencies. The decline follows a recent surge where XRP neared the $3 mark, driven by optimism surrounding Ripple's legal victories and its growing adoption in the financial sector. However, the market's exuberance has waned, leading to a sharp pullback as traders reassess the sustainability of such rapid gains. This sentiment is echoed by the broader crypto market, which has seen substantial liquidations and a retreat in altcoin prices, including XRP, as Bitcoin struggles to maintain its recent highs.
Adding to the pressure on XRP, Ripple CEO Brad Garlinghouse's appearance on 60 Minutes has stirred controversy. The segment omitted key details about XRP's legal status, which Garlinghouse later criticized, suggesting that the portrayal may have contributed to investor uncertainty. This, combined with Bitcoin's inability to consolidate above the $100,000 mark, has led to a ripple effect across the crypto market, with XRP experiencing heightened volatility and a notable decline.
XRP's price has dropped by 5.45% today, reaching a low of $2.098264.