XRP's price decline today can be attributed to a combination of market sentiment and broader crypto market trends. The token has been leading losses among major cryptocurrencies, with a 3% drop in the past 24 hours, as reported earlier today. This decline comes amid a cautious market environment ahead of the holiday period, with a short-term bearish bias prevailing. The broader crypto market, including Bitcoin, has also started the festive week in the red, contributing to the downward pressure on XRP.
Adding to the bearish sentiment, the recent announcement by Tokyo-listed Metaplanet of its record Bitcoin purchase did little to buoy the market. Despite the significant acquisition, Bitcoin and other major tokens like Ethereum and Solana have seen declines, which have likely influenced XRP's performance. Market watchers remain cautious, with some analysts suggesting that the market is digesting the Federal Reserve's tougher tone, which could be prompting profit-taking after a strong year.
XRP is currently trading at $2.144906, reflecting a 2.48% decrease today. The token reached a high of $2.227381 and a low of $2.137552 during the day.