XRP's price has been under pressure today, primarily due to significant selloffs by large holders, commonly referred to as "whales." Over the past 24 hours, these investors have offloaded more than $360 million worth of XRP tokens, contributing to a sharp decline in the cryptocurrency's value. This massive outflow has sparked concerns among market participants, as such selloffs can often trigger further declines and create a bearish sentiment in the market. Analysts are not optimistic about XRP's short-term prospects, suggesting that the token may continue to face downward pressure.
Adding to the negative sentiment, the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) remains unresolved, despite the recent departure of SEC Chairman Gary Gensler. While Gensler's exit has been viewed positively by some in the XRP community, it has not led to any immediate changes in the lawsuit's status. The uncertainty surrounding the case continues to weigh heavily on XRP's price, as investors remain cautious about the potential outcomes and their implications for the cryptocurrency's regulatory standing.
XRP has experienced a 3.97% decline today, with its price dropping to $3.006536, marking the lowest point of the day.