XRP's price has experienced a significant decline today, driven by a combination of market-wide volatility and specific issues affecting the cryptocurrency. A major factor contributing to the drop is the temporary withdrawal delays on Bithumb, one of South Korea's largest cryptocurrency exchanges. The exchange announced that an unexpected surge in XRP transaction volume has caused delays, leading to concerns among investors and traders. This situation is exacerbated by the broader crypto market downturn, with Bitcoin also experiencing a sharp decline, which has added to the negative sentiment surrounding XRP.
Additionally, the market's reaction to the Federal Reserve's recent announcements has further impacted XRP's price. The Fed's decision to slow down its quantitative easing measures has led to a decrease in liquidity for risk assets like cryptocurrencies. This has resulted in a 21% decline in XRP's price over the past two days, as investors reassess their positions in light of the Fed's more cautious approach. Despite these challenges, some analysts remain optimistic about XRP's long-term potential, citing regulatory and political factors that could support its recovery.
XRP is currently trading at $2.134129, reflecting a 5.08% decrease today. The cryptocurrency reached a high of $2.343945 and a low of $1.979969 during the day.